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Municipal Bankruptcy

Puerto Rico Bondholders Lose Another Appeal in the First Circuit

The First Circuit shows no inclination to allow creditors to bust out of the PROMESA restructuring of Puerto Rico’s debt.
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First Circuit’s Traditional Approach to Section 552 Cuts Off Bondholders’ Liens

Employer contributions to Puerto Rico’s retirement system did not qualify as ‘special revenues,’ with the result that bondholders’ liens were cut off on the filing date.
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Supreme Court Won’t Hear a Case to Compel Paying Puerto Rico Bondholders Currently

Supreme Court let a First Circuit opinion stand that barred bondholders from compelling payment during Puerto Rico’s restructuring under PROMESA.
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