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Bond insurer Ambac Assurance joined other creditors in saying without local government support, they may withdraw theirs for the Plan of Adjustment. ....
REGISTER NOW Bankruptcy Judge Laura Taylor Swain rejected a proposed committee to represent retail holders in Puerto Rico s debt restructuring while she allowed parties representing Debt Recovery Authority bondholders to continue their efforts to protect their collateral from Oversight Board actions. Swain made both rulings at Wednesday’s omnibus hearing for the Puerto Rico bankruptcy. Puerto Rico Bankruptcy Judge Laura Taylor Swain let an effort by GDB Debt Recovery Authority bondholders to protect their collateral to continue. While Puerto Rico bondholder and New York City attorney Peter Hein had asked Swain to create a committee, she rejected the idea. She said U.S. law required that a committee of parties to a suit be “necessary” and not just “useful” or “appropriate,” calling it a high standard, she said. ....