PREPA Parties Say Disclosure Statement Is Illegal.

GoldenTree Asset Management, Assured Guaranty, bond trustee U.S. Bank N.A., and the PREPA Ad Hoc Group explained their objections in filings on Friday. Several Puerto Rico Electric Power Authority bond parties filed objections to the Oversight Board's proposed disclosure statement, asking for it to be rejected because the plan of adjustment is unconfirmable, the way in which it was agreed upon broke the law and it omits important factors. Bond trustee U.S. Bank, along with making similar arguments, said the plan's deal for National Public Finance Guarantee and the so-called First Settlement Bondholders violates the bonds' trust agreement. [Extracted from the article]