WASHINGTON, April 5, 2016 /PRNewswire/ -- The following statement can be attributed to Andrew Rosenberg of Paul, Weiss, Rifkind, Wharton and Garrison LLP, an advisor to the Ad Hoc group of Puerto Rico's General Obligation bondholders.
"It is no coincidence that the Governor has abruptly sought overnight adoption of debt moratorium legislation at the very moment large General Obligation bondholders were arriving on the island to pursue a consensual restructuring deal with Puerto Rico's political leaders, other than the Governor. The Governor has spent the last nine months rebuffing all overtures by the GO holders. In fact, the consensual deal that is being proposed by GO holders would give Puerto Rico additional liquidity by, among other things, deferring substantial principal payments. Most importantly, this consensual deal avoids a July 1 default on Constitutional debt."
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/puerto-rico-general-obligation-bondholders-issue-statement-on-consensual-deal-300246356.html
SOURCE Ad Hoc Group of Puerto Rico's General Obligation Bondholders