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Bond insurers seek order to lift stay, put Puerto Rico utility into receivership

Subsidiaries of Assured Guaranty Ltd., Syncora Holdings Ltd. and MBIA Inc. have filed new motions to lift a court-ordered stay that would allow them to attempt to enforce their rights to place Puerto Rico Electric Power Authority into receivership.

The utility's creditor group, which consists of Assured Guaranty Municipal Corp., Assured Guaranty Corp., National Public Finance Guarantee Corp. and Syncora Guarantee Inc. had filed a similar complaint in the summer of 2017 that was denied by a federal district court. An appellate court subsequently vacated that decision and remanded the proceedings to the lower court.

National Public Finance Guarantee in a press release said that appointing a receiver is necessary due to PREPA's "well-documented history of mismanagement and undue political interference in its operations." CEO William Fannon in a statement said putting the utility into receivership will insulate it from political influence and stabilize operations.

"The people of Puerto Rico and all of PREPA’s stakeholders deserve nothing less," he said.