Puerto Rico bank and bondholders to discuss restructuring plan Friday

By Caroline Salls

Pittsburgh, Nov. 19 – The Government Development Bank for Puerto Rico, its advisers and advisers to the Commonwealth of Puerto Rico will host a meeting with advisers to groups of bondholders on Nov. 20 to discuss the development bank’s proposed restructuring plan, according to a news release.

The development bank said the meeting will not be open to the public.

As previously reported, the proposed restructuring will be composed of a comprehensive single transaction to be accomplished through a voluntary exchange offer. The development bank and advisers to the commonwealth will explain further details of the proposed structure to the creditors’ advisers. No offer will be made at the meeting.

“This meeting with consultants and advisers to many of the island’s main creditors is part of our continued effort to maintain a constructive and open dialogue with our key stakeholders,” the development bank’s president, Melba Acosta Febo, said in the release.

“The proposed restructuring process is a comprehensive plan that will benefit all parties while supporting the creation of a sustainable path forward for the commonwealth,” she said.

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