Judge Laura Taylor Swain rejected a proposed committee to represent retail holders in Puerto Rico's debt restructuring while she allowed parties representing Debt Recovery Authority bondholders to continue their efforts to protect their collateral from Oversight Board actions, The Bond Buyer reported. Judge Swain made both rulings at Wednesday’s omnibus hearing for the Puerto Rico bankruptcy. While Puerto Rico bondholder and New York City attorney Peter Hein had asked Judge Swain to create a committee, she rejected the idea. She said that U.S. law required that a committee of parties to a suit be “necessary” and not just “useful” or “appropriate,” calling it a high standard.
