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Puerto Rican Bondholders Group Holds First Forum

By on June 15, 2016

SAN JUAN – A group of Puerto Rican bondholders calling themselves “Bonistas del Patio Inc.” (Backyard Bondholders) announced on Tuesday their first Meeting of Puerto Rico Bondholders, a series of conferences in which all sectors involved in the island’s current economic and fiscal crisis will meet and discuss how the crisis impacts the more than 60,000 people who own Puerto Rico bonds, which in turn represent around $15 billion of the commonwealth’s public debt.

“This event is a great opportunity to provide education and counseling to all Puerto Rico bondholders,” said Jorge Irizarry, executive director of Bonistas del Patio. “In it, we will discuss the current situation after the approval of the Promesa Act in Congress and the direct consequences of the decisions taken at the federal level regarding Puerto Ricans.”

The event is open to the public and will be held on Monday, June 27 at the Puerto Rico Convention Center, starting at 8:00 a.m.

The event will begin with a panel featuring the members of the government’s fiscal group, who will present their proposals and the government’s vision.

During the afternoon, the event will include a panel with all gubernatorial candidates, who will present their positions to the bondholders. All candidates were invited and those who confirmed their participation include David Bernier, president of the Popular Democratic Party; Ricardo Rosselló, president of the New Progressive Party; Rafael Bernabe, president of the Working People’s Party, and independent candidates Alexandra Lúgaro and Manuel Cidre. The president of the Puerto Rican Independence Party, María de Lourdes Santiago, declined the invitation since she will be involved in the legislative session’s closing.

Another panel will tell bondholders whether cuts in interest and principal payments are justified and what will their economic impact be, and will also feature a formal presentation of the bondholders. The panel will feature several economists like Joaquin Villamil, Carlos Colón de Armas and Joseph Rosenblum from Alliance Bernstein.

There will also be a panel of congressmen and members of the federal Treasury. The event closes with a panel that will present credit unions’ point of view.

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