February 28, 2018 / 11:02 PM / 9 months ago

Court rejects bond insurer's attack on Puerto Rico restructuring

The judge overseeing Puerto Rico’s restructuring case on Tuesday said bond insurer Ambac Assurance Co had failed to show the beleaguered island has definitively opted to slash its bond debt to help reorganize its finances, leaving a showdown over the matter for another day.

U.S. District Court Judge Laura Taylor Swain in an opinion said Ambac’s complaint in an adversary proceeding within the restructuring case was premature because Puerto Rico’s government and its federal oversight board have yet to nail down how to reorganize the island’s finances.

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