Senior Creditors of Puerto Rico Sales Tax Financing Corporation (COFINA) Comment on Recent Press Reports

Nov 30, 2015, 09:30 ET from COFINA senior creditors

NEW YORK, Nov. 30, 2015 /PRNewswire/ -- The senior creditors of the Puerto Rico Sales Tax Financing Corporation ("COFINA"), today issued the following statement with respect to recent media coverage regarding the Commonwealth of Puerto Rico's proposed 'superbond':

"Recent press reports suggest that a proposed 'superbond' will rely on a 'consolidation of revenue streams'. While it is unclear if this consolidation would include the portion of the sales and use tax that is COFINA's property, it is important to note that the usage of COFINA revenues without our consent would violate Puerto Rican and U.S. Constitutions.  We await further details of this proposed 'superbond' and look forward to working constructively with all parties to reach a viable plan that places the Commonwealth on the right path to economic sustainability.

"As one of the very few secured creditors in the Puerto Rico debt structure, we expect that our property rights will be protected.  COFINA has been the Puerto Rico debt issue that individuals and institutions both on and off-island have most trusted with their capital, retirement accounts and life savings.  The Commonwealth must respect the rights of retirees and creditors."

Media Contact:

Mike Geller
Edelman (on behalf of COFINA's senior creditors)
212-729-2163
mike.geller@edelman.com

 

SOURCE COFINA senior creditors