(Bloomberg) Hedge funds holding Puerto Rico revenue bonds are asking a court to postpone a lawsuit filed by general-obligation bondholders seeking to stop the commonwealth from directing sales-tax revenue away from the general fund.
GoldenTree Asset Management LP, Merced Capital LP, Tilden Park Capital Management LP and Whitebox Advisors LLC, which hold about $2 billion of senior sales-tax bonds known as Cofinas, filed a motion late Monday asking the court to impose a legal stay included in a federal law called Promesa. That stay postpones through Feb. 15 creditor lawsuits against Puerto Rico which seek repayment of debt.
