Exclusive: Puerto Rico creditor advisors to meet Commonwealth Tuesday - sources

Reuters News
|
Posted: Oct 22, 2015 3:06 PM

NEW YORK/SAN JUAN (Reuters) - Advisors for several bondholder groups in Puerto Rico are scheduled to meet on Tuesday with advisors for the U.S. Territory to discuss debt restructuring efforts, after key talks with one creditor group collapsed, two sources familiar with the matter said on Thursday.

Puerto Rico has been trying to persuade different investor groups to sign on to deals to restructure debt. But on Wednesday, the Government Development Bank said it had failed to come to a deal with creditors. The island's government is instead pushing for a comprehensive voluntary exchange offer, it said in a statement on Wednesday.

The meeting on Tuesday, billed as a "due diligence" meeting, was thought to be the first step to create a coordinated effort among the bondholder groups, one of the sources said. The meeting is expected to be in New York, the other source said.

The sources declined to be named because the talks are confidential.

(Reporting by Megan Davies and Nick Brown; Editing by Richard Chang)