February 27, 2018 / 12:29 AM / 10 months ago

Puerto Rico's board seeks to fend off bid to collect past-due rent

Investment firms holding bonds issued for Puerto Rico’s Public Buildings Authority (PBA) may not seek a court order to compel it to collect rent from branches of the beleaguered island’s government, according to the federal board overseeing the U.S. territory’s restructuring.

Fir Tree Partners, Candlewood Investment Group and Inglesea Capital LLC do not have standing to press for uncollected rent they estimate to be worth at least $289 million, the board argued in court papers filed on Saturday that highlight the ongoing skirmishing between Puerto Rico, its agencies and their capital markets creditors.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2HQg3M6

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