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Articles Posted in COFINA

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$18 Billion COFINA Deal to Restructure Puerto Rico Debt Gets Federal Court Approval

U.S. District Judge Laura Taylor Swain has approved a plan to restructure nearly $18 billion of Puerto Rico’s Sales Tax Financing Corp. (COFINA) debt. Judge Swain, who is based in New York but oversees Puerto Rico’s bankruptcy-like proceedings, said the Court believes that the COFINA plan is essential to the…

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Hedge Funds Sue The U.S. Government Over Puerto Rico Bonds

A group of hedge funds, including Oaktree Capital Management LP and Glendon Capital Management LP, has filed a lawsuit against the federal government in the U.S. Court of Federal Claims. The hedge fund group are Puerto Rico bondholders who could suffer losses from bonds that were issued in 2008 to…

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Puerto Rico Debt: Creditor Sues Bank of New York Mellon Over COFINA’s Revenue and Pension Participants File Lawsuit to Stop Island’s Proposed Fiscal Plan 

Hedge fund Whitebox Advisors has filed a lawsuit against Bank of New York Mellon (BNY Mellon) over revenues from Puerto Rico’s sales tax bonds, which are commonly called COFINAs, that support $17 Billion of the island’s debt. Currently, the US territory is continuing to struggle to pay back the $70…

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As General Obligation Bondholders Get Go Ahead on Their Bond Fraud Case Against Puerto Rico, COFINA Creditors Seek to Intervene

A federal judge has ruled that general obligation bondholders in Puerto Rico may go ahead with a securities fraud lawsuit arguing that the U.S. territory’s government has to pay them what they are owed even as it pays off other bondholders and workers and restructures its nearly $70 billion of…

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