WASHINGTON, April 15, 2016 /PRNewswire/ -- The senior creditors of the Puerto Rico Sales Tax Financing Corporation (COFINA) today announced that former Senator Judd Gregg (R-NH) has joined their efforts to address Puerto Rico's fiscal crisis and stabilize the Commonwealth's economy.
"This group is working in good faith to provide Puerto Rico with relief that will stabilize the Commonwealth's economy and create a runway for future growth. I look forward to advising the members as they constructively advocate for a legislative solution, one that balances creditors' rights with the need to support Puerto Rico's economic recovery and shield American taxpayers from any burden. The House Natural Resources Committee's bill is an important first step in this direction," Senator Gregg said.
"As a former chairman of the Senate Budget Committee, Senator Gregg is a recognized leader on budgetary and fiscal policy. He has been at the center of numerous budget battles and was the architect of federal legislation to put America's fiscal house in order," said Susheel Kirpalani, counsel to the COFINA Senior Bondholders Ad Hoc Group at Quinn Emanuel Urquhart & Sullivan, LLP. "His counsel and advice will be extremely valuable as we continue to work towards crafting a solution to Puerto Rico's fiscal crisis—one that that helps drive on-island commerce, empowers Puerto Rico's economy and stops the population flight to the states."
Mr. Kirpalani adds: "We are very fortunate to have Senator Gregg join our efforts at this crucial moment, when the House of Representatives is closely evaluating the Committee's sound legislative framework. Our group is very encouraged by the latest draft of legislation produced by Chairman Bishop and his staff. Together with other major stakeholder groups, we are actively engaged in productive and positive conversations with the committee, increasingly confident that Chairman Bishop and the leadership team are going to produce the right bill that is respectful of contracts, upholds the rule of law, and ensures no taxpayer bailout."
About Senator Judd Gregg
Gregg served as a United States Senator from 1993 to 2011. He was Chairman and Ranking Member of the Senate Budget Committee and also Chairman and ranking member of the Health, Education, Labor and Pension Committee. He was a senior member of the Senate Banking Committee and chaired the Appropriation's subcommittees on Foreign Operations; Homeland Security; and Commerce, State and Justice. He also served on President Obama's National Commission on Fiscal Responsibility and Reform (Simpson-Bowles) and worked to produce a comprehensive plan to reduce the national debt. Prior to his tenure in the Senate, Gregg served as Governor of New Hampshire and as a U.S. Representative. As Governor, Gregg steered New Hampshire through one of its most difficult economic times leaving it with a balanced budget and a strong infrastructure, which included reorganizing the State's major utilities and banking system.
About the COFINA Senior Bondholders Ad Hoc Group
The Group is a coalition of creditors made up of retirees and individual investors in Puerto Rico and throughout the United States, as well as asset managers GoldenTree Asset Management LP, Merced Capital LP, Tilden Park Capital Management, Whitebox Advisors LLC, and others.
The COFINA Senior Bondholders Ad Hoc Group has come out in support of many of the components of the "Puerto Rico Oversight, Management, and Economic Stability Act," legislation released by the House Natural Resources Committee. The framework ensures that creditors are treated fairly and equitably based on their legal standing and provides a strong foundation for federal legislation to address the Commonwealth's economic crisis.
SOURCE COFINA Senior Bondholders Ad Hoc Group