The Puerto Rico Ad Hoc Group of Constitutional Debtholders issued the following statement commenting on the settlement announced today among creditors and the Puerto Rico Financial Oversight and Management Board (FOMB).
"This agreement is a result of many months of hard work by the representatives of the FOMB, the court-appointed mediation team and the various creditor groups. We believe this settlement positions the Commonwealth of Puerto Rico on a clear path toward emerging from the current Title III proceedings that will result in a significant reduction of the Commonwealth debt burden and restore the island’s access to capital markets that is critically important to support the economic recovery of Puerto Rico. This settlement represents meaningful compromises on the part of all parties and is in the best long-term interests of the people of Puerto Rico."
Morrison and Foerster is serving as legal counsel to the group and Perella Weinberg Partners, LP is serving as its financial advisor.