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New Commonwealth Bondholder Group Forms to Engage in Negotiations Regarding Comprehensive Restructuring of Commonwealth Debt
[November 08, 2018]

New Commonwealth Bondholder Group Forms to Engage in Negotiations Regarding Comprehensive Restructuring of Commonwealth Debt


An ad hoc group (the "Commonwealth Bondholder Group") holding in the aggregate approximately $3.3 billion of bonds issued or guaranteed by the Commonwealth of Puerto Rico (the "Commonwealth") has formed for the purposes of engaging in the negotiation of a comprehensive restructuring of the Commonwealth's debts.

Davis Polk & Wardwell LLP, as counsel, and Ducera Partners, as financial advisor, have been retained by each of the Commonwealth Bondholder Group and Bonistas del Patio, Inc. ("Bonistas"), a nonprofit organization advocating for the interests of on-island bondholders who hold in excess of an additional $1 billin of debt issued or guaranteed by the Commonwealth, as they work together in furtherance of the Commonwealth's restructuring. The Commonwealth Bondholder Group and Bonistas also intend to work cooperatively with several dozen Puerto Rico cooperatives and other stakeholders to achieve a consensual resolution to the Commonwealth's Title III case.



The Commonwealth Bondholder Group is composed of funds managed or advised by Aurelius Capital Management, LP, Autonomy (News - Alert) Capital (Jersey) LP, Brigade Capital Management, LP, Canyon Capital Advisors LLC, Davidson Kempner Capital Management LP, Monarch Alternative Capital LP, and OZ Management LP. The group has also retained Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell, Englert, Orseck, Untereiner & Sauber LLP and Goldin Associates, LLC with respect to certain matters.



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