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[$$] Puerto Rico Bond Guarantors Target Utility for Receivership

Puerto Rico bond guarantors are seeking to replace the leaders of the island’s electric-power monopoly with a receiver and shift control over the bankrupt public corporation ahead of a planned privatization. Inc. and Syncora Guarantee Inc. filed court papers late Wednesday denouncing the “chronic dysfunction” under current management at the public power utility known as Prepa. The request would take day-to-day management away from Prepa’s board and put it in the hands of a receiver who could be more friendly to creditors.