May 30, 2017 / 6:32 PM / 8 months ago

U.S. judge delays a Puerto Rico debt payment subject to competing claims

NEW YORK (Reuters) - A federal judge on Tuesday ordered a trustee for Puerto Rico’s so-called COFINA bonds not to distribute a $16 million payment due on Thursday as various creditor groups litigate competing claims over the money.

Judge Laura Taylor Swain, who is overseeing Puerto Rico’s massive bankruptcy, made the ruling from the bench at a hearing in her Manhattan courtroom. COFINA debt, backed by Puerto Rico’s sales tax revenue, is the subject of competing claims between senior and junior holders of the bonds, as well as holders of the U.S. territory’s general obligation bonds.

Reporting by Nick Brown; Editing by Meredith Mazzilli

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