Puerto Rico bondholder group’s restructuring proposal garners support

By Caroline Salls

Pittsburgh, April 7 – The informal group of Puerto Rico’s general obligation bondholders said mutual fund investment advisers Franklin Advisers Inc. and OppenheimerFunds Inc. support the group’s proposed restructuring term sheet.

According to a bondholder group news release, Franklin and OppenheimerFunds have been partnering with Puerto Rico for more than 20 years, investing in its infrastructure.

“We encourage Puerto Rico’s leaders to engage with bondholders to avert a July 1, 2016, default,” Andrew Rosenberg of bondholder group adviser Paul, Weiss, Rifkind, Wharton and Garrison LLP said in the release.

“This is a good plan for Puerto Rico that provides new liquidity and nearly $2 billion in principal deferment over the next five years.”

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