Reported 12 months ago
National Public Finance Guarantee has withdrawn support for potential changes to Puerto Rico Electric Power Authority’s debt-cutting plan after an appeals court expanded creditors’ allowable claims. The court's ruling has prompted the utility's financial oversight board to seek amendments, reallocating recoveries to bondholders, a move the insurer rejects. The proposed revisions have not incorporated the court's rulings and are being challenged for deviating from a 2016 federal law designed to resolve Puerto Rico’s fiscal crisis through bankruptcy. The status report reveals differing stances between the board and creditors, with a potential amended debt plan deadline set for July 17.
Source: YAHOO