{"id":4311,"date":"2017-05-02T14:08:56","date_gmt":"2017-05-02T19:08:56","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=4311"},"modified":"2022-03-25T14:01:55","modified_gmt":"2022-03-25T19:01:55","slug":"bondholders-hedge-funds-sue-puerto-rico-litigation-stay-expires","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/bondholders-hedge-funds-sue-puerto-rico-litigation-stay-expires\/","title":{"rendered":"Bondholders and Hedge Funds Sue Puerto Rico After Litigation Stay Expires"},"content":{"rendered":"

Hours after a May 1 deadline passed, unfreezing any creditor litigation against Puerto Rico, a number of creditors sued the U.S. territory over its outstanding bonds. Plaintiffs of these Puerto Rico bond lawsuits <\/a>include general obligation bondholders, COFINA bondholders, and bond insurer Ambac.<\/p>\n

The May 1 deadline was supposed to have given the island and its federal financial oversight board time to come up with a debt-reduction agreement with creditors as Puerto Rico owes more than $70 Billion of debt. No deals were made by the deadline.<\/p>\n

Following the failure of the island to reach any debt reduction deals, Fitch Ratings downgraded $3.5 Billion of PRASA-issued debt from a \u201cCC\u201d rating to a \u201cC.\u201d PRASA is Puerto Rico\u2019s water authority.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Hours after a May 1 deadline passed, unfreezing any creditor litigation against Puerto Rico, a number of creditors sued the U.S. territory over its outstanding bonds. Plaintiffs of these Puerto Rico bond lawsuits include general obligation bondholders, COFINA bondholders, and bond insurer Ambac. The May 1 deadline was supposed to have given the island and […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3922,4039,3755],"tags":[],"class_list":["post-4311","post","type-post","status-publish","format-standard","hentry","category-municipal-bonds","category-puerto-rico-bond-funds","category-ubs"],"yoast_head":"\nBondholders and Hedge Funds Sue Puerto Rico After Litigation Stay Expires — Investor Lawyers Blog — May 2, 2017<\/title>\n<meta name=\"description\" content=\"Hours after a May 1 deadline passed, unfreezing any creditor litigation against Puerto Rico, a number of creditors sued the U.S. territory over its — May 2, 2017\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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