GoldenTree Sues Puerto Rico Industrial Agency for Bond Repayment

GoldenTree Asset Management LP sued Puerto Rico’s Industrial Development Co., seeking payment of nearly $64 million after the firm ended a 2019 debt-restructuring deal that failed to advance.

• GoldenTree filed its legal claim Wednesday in the U.S District Court in San Juan.
  • It’s demanding $61.9 million for non-payment of bonds sold in 1997 and 2003 and another $2 million in fees and expenses, according to the court filing
• Puerto Rico’s financial oversight board has said the commonwealth government needs to analyze the value and cash flow of PRIDCO’s properties before a debt restructuring can take place
• “The oversight board inexplicably ...