Puerto Rico Faces Its Creditors in Early Debt Resolution Talks
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A for-sale sign hangs alongside a Puerto Rican flag on a balcony in Old San Juan.CreditJoe Raedle/Getty Images
If a meeting on Monday between Puerto Rico and its creditors is any indication, restructuring the island’s $72 billion in debt could be a long process.
At that meeting, the commonwealth’s finance team said it had not yet determined how it would seek to revamp the island’s obligations.
The roughly 350 creditors, such as hedge funds and money managers, that had packed into a Park Avenue auditorium on Monday afternoon were told they would have to wait several more weeks until a working group made up of Puerto Rico political leaders came up with formal recommendations for ending the island’s fiscal crisis.
“I ask for your patience while we develop a credible plan that meets all of our stakeholders’ objectives,” Melba Acosta Febo, the president of the Government Development Bank for Puerto Rico, told the creditors gathered at Citigroup’s executive headquarters…
Puerto Rico Faces Its Creditors in Early Debt Resolution Talks
