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Report: Creditors begin collaborating on counterproposal to Puerto Rico debt restructuring

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Report: Creditors begin collaborating on counterproposal to Puerto Rico debt restructuring

Advisers and lawyers for certain bondholder groups and bond insurersthat hold Puerto Rico credit on March 28 met to start working on a counterproposalto the commonwealth's restructuring plan, Bloomberg News reported March 29, citing"four people with direct knowledge of the talks."

The representatives met at the New York office of , the news outletreported. PJT Partners advises MBIAInc. unit National PublicFinance Guarantee Corp.

The meeting follows a revised proposal from Puerto Rico and developmentsin proposed legislation by U.S. lawmakers related to a restructuring, accordingto the report. Under the latest plan, Puerto Rico replaced its growth bond proposalwith capital-appreciation bonds that suspend interest payments until the debt becomesdue, Bloomberg reported. In a discussion draft released March 29 by the House NaturalResources Committee, legislation would create an oversight board that would controlthe restructuring as well as the commonwealth's annual budgets.