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Aurelius Capital pushes for dismissal of Puerto Rico's bankruptcy filing

Aurelius Capital Management LP said in a court filing that Puerto Rico's bankruptcy proceedings should not proceed on the grounds that it is a violation of the U.S. Constitution, Reuters reported.

The company is challenging the constitutionality of the creation of the federal oversight board guiding the island's debt restructuring, according to the report. The company alleges that the creation of the oversight board violated the Constitution's appointments clause, noting that individual Congress members handpicked the board members and no Senate confirmation proceedings occurred.

The news outlet reported that Aurelius Capital owns roughly $468 million worth of debt guaranteed by Puerto Rico's constitution.