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Ad Hoc Bondholders Group Names Mutual Funds Supporting Restructuring Proposal

By on April 7, 2016

negotiationsWASHINGTON –The Ad Hoc Group of Puerto Rico’s General Obligation Bondholders announced Thursday that Franklin Advisers Inc. and OppenheimerFunds Inc., investment advisers to certain mutual funds, support the group’s term sheet, which was released Tuesday. “Franklin and OppenheimerFunds have been partnering with Puerto Rico for more than 20 years investing in its infrastructure,” said a statement by the ad hoc group.

Andrew Rosenberg of Paul, Weiss, Rifkind, Wharton and Garrison LLP, an advisor to the Ad Hoc Group of Puerto Rico’s General Obligation Bondholders, issued the following statement:

“We welcome the support for this proposal. We encourage Puerto Rico’s leaders to engage with bondholders to avert a July 1, 2016 default. Millions of citizens of the Commonwealth are depending on the government to work out a resolution. This is a good plan for Puerto Rico that provides new liquidity and nearly $2 billion in principal deferment over the next five years.”

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