Large Asset Managers Form Group to Support Puerto Rico's Actions to Address Financial Difficulties
NEW YORK, July 17, 2014 /PRNewswire/ -- Today, asset managers led by Brigade Capital Management, Fir Tree Partners, Monarch Alternative Capital LP, and Perry Capital, LLC, announced that they have formed an ad hoc group ("the Ad Hoc Group") to support the actions taken to date by the Commonwealth of Puerto Rico. The Ad Hoc Group stands behind the efforts of the Governor and the Commonwealth to enact legislation to substantially eliminate budget deficits and address the financial and operational difficulties facing certain non-guaranteed public corporations.
"With more than $60 billion of capital under management and its strong support for the necessary and appropriate actions taken by the government of Puerto Rico, the Ad Hoc Group could provide a substantial source of financing in connection with the Commonwealth's effort," said the Steering Committee for the Ad Hoc Group.
The Ad Hoc Group holds more than $3 billion in bonds issued by the Commonwealth of Puerto Rico.
Morrison & Foerster LLP has been engaged as counsel, and the Ad Hoc Group expects to retain a financial advisor and add several more members shortly.
Morrison & Foerster will be holding an organizing call for holders of GDB, GO and COFINA bonds on Tuesday, July 22 at 2:30 pm ET. If you are a holder of these bonds and are interested in joining the call please contact Anthony Princi (212) 468-8030, Gary Lee (212) 468-8042 or James Newton (212) 336-4116.
SOURCE Morrison & Foerster