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Commonwealth of Puerto Rico Complaint Filed

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Peaje Investments (Plaintiff) filed with the U.S. Bankruptcy Court a verified complaint against defendants Puerto Rico Highways & Transportation Authority (HTA) and its executive director, currently the Hon. Carlos Contreras Aponte; the Commonwealth of Puerto Rico and its Governor, currently the Hon. Ricardo Rossello; the Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF) and its executive director, currently the Hon. Gerardo Portela Franco and Hon. Raul Maldonado Gautier and Hon. Jose Ivan Marrero Rosado.

The complaint notes, “As a result of this ongoing diversion, the Fiscal Agent has insufficient funds to satisfy the entire payment of principal and interest due on Plaintiff’s bonds in July 2017.Moreover, HTA and its Executive Director have indicated that they have no intention of depositing the Toll Revenues with the Fiscal Agent as required under the 1968 Resolution and applicable law….Through this adversary proceeding, Plaintiff seeks to enforce and protect its lien and other rights in the pledged Toll Revenues in the manner provided under PROMESA and other applicable law. The immediate relief sought herein, however, is limited to what is necessary to protect Plaintiff’s rights.”

Read more Puerto Rico bankruptcy news.

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