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U.S. counters hedge fund's attack on Puerto Rico oversight board
December 8, 2017 / 12:26 AM / 5 days ago

U.S. counters hedge fund's attack on Puerto Rico oversight board

The U.S. government defended on Wednesday the federal board overseeing Puerto Rico’s restructuring, countering a bid by a hedge fund that sought to get the U.S. territory’s bankruptcy-like case dismissed by attacking the board’s legality.

The restructuring is taking place under a special federal law known as the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) that provides for proceedings in U.S. District Court akin to those under Chapter 9 municipal bankruptcy.

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