July 19, 2018 / 12:11 AM / a year ago

Puerto Rico pension fund, bondholders face off over collateral

Investment firms and funds holding $2 billion of bonds issued by Puerto Rico’s Employees Retirement System on Tuesday sought a court order that would allow them to try to enforce an agreement safeguarding collateral set aside for interest payments.

The bondholders in court papers filed in U.S. District Court in San Juan argued for an order lifting the stay in the U.S. territory’s bankruptcy-like restructuring case so they could sue the retirement system for breaking a deal that provided for interest payments on the bonds from a dedicated account.

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