{"id":4765,"date":"2017-08-07T18:38:52","date_gmt":"2017-08-07T23:38:52","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=4493"},"modified":"2022-03-30T15:01:23","modified_gmt":"2022-03-30T20:01:23","slug":"hedge-fund-files-lawsuit-seeking-puerto-rico-bankruptcy-case-dismissed","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/hedge-fund-files-lawsuit-seeking-puerto-rico-bankruptcy-case-dismissed\/","title":{"rendered":"Aurelius Capital Files Lawsuit Seeking To Have Puerto Rico Bankruptcy Case Dismissed"},"content":{"rendered":"<p>\t\t\t\tIn the United States District Court in San Juan, the hedge fund Aurelius Capital has filed a lawsuit seeking to have Puerto Rico\u2019s bankruptcy case dismissed.  Aurelius Capital is the holder of more than $470 million of Puerto Rico General Obligation bonds (\u201cGO Bonds\u201d).  All Puerto Rico GO bonds were supposed to have been guaranteed under the Commonwealth\u2019s constitution. Now, however, GO bonds are subject to a five-year plan that could force bondholders to take substantial reductions on what they are owed upon repayment. <\/p>\n<p>Puerto Rico filed for Title III bankruptcy protection in May. Although bankruptcy protection was not originally available to Puerto Rico, under the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), the law was changed to allow for Puerto Rico to file a bankrupt-like procedure if it could not resolve all of its debt with bondholders.  <\/p>\n<p>As with other bankruptcies, the island has been granted a \u201cstay\u201d from creditors. Now, Aurelius wants the federal court to lift the stay, which has prevented it and other creditors from suing the Puerto Rican government.  <\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/hedge-fund-files-lawsuit-seeking-puerto-rico-bankruptcy-case-dismissed\/#more-4765\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the United States District Court in San Juan, the hedge fund Aurelius Capital has filed a lawsuit seeking to have Puerto Rico\u2019s bankruptcy case dismissed. Aurelius Capital is the holder of more than $470 million of Puerto Rico General Obligation bonds (\u201cGO Bonds\u201d). All Puerto Rico GO bonds were supposed to have been guaranteed [&hellip;]<\/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":[3738,3922,4039],"tags":[2846,2847],"class_list":["post-4765","post","type-post","status-publish","format-standard","hentry","category-investor-fraud","category-municipal-bonds","category-puerto-rico-bond-funds","tag-aurelius-capital","tag-prepa"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Aurelius Capital Files Lawsuit Seeking To Have Puerto Rico Bankruptcy Case Dismissed &#8212; Investor Lawyers Blog &#8212; August 7, 2017<\/title>\n<meta name=\"description\" content=\"In the United States District Court in San Juan, the hedge fund Aurelius Capital has filed a lawsuit seeking to have Puerto Rico\u2019s bankruptcy case &#8212; August 7, 2017\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/hedge-fund-files-lawsuit-seeking-puerto-rico-bankruptcy-case-dismissed\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Aurelius Capital Files Lawsuit Seeking To Have Puerto Rico Bankruptcy Case Dismissed &#8212; Investor Lawyers Blog &#8212; August 7, 2017\" \/>\n<meta name=\"twitter:description\" content=\"In the United States District Court in San Juan, the hedge fund Aurelius Capital has filed a lawsuit seeking to have Puerto Rico\u2019s bankruptcy case &#8212; August 7, 2017\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Aurelius Capital Files Lawsuit Seeking To Have Puerto Rico Bankruptcy Case Dismissed &#8212; 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