{"id":1791,"date":"2016-02-11T17:37:50","date_gmt":"2016-02-11T17:37:50","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2016\/02\/bondholder_group_with_173b_in"},"modified":"2016-02-11T17:37:50","modified_gmt":"2016-02-11T17:37:50","slug":"bondholder-group-with-173b-in","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/bondholder-group-with-173b-in\/","title":{"rendered":"Bondholder Group with $17.3B in Puerto Rico Debt Proposes Debt Restructuring Plan"},"content":{"rendered":"

\t\t\t\tThe Puerto Rico Sales Tax Financing Corporation (COFINA) has submitted a plan to restructure the financially beleaguered island’s debt. COFINA, which is comprised of investors who possess debt backed by sales-tax revenues, has issued $17.3 billion in Puerto Rico debt-$7.5 billion in senior debt and $9.7 billion in second lien debt. <\/p>\n

COFINA’s proposal is in response to another plan submitted by the island’s development bank earlier this month. With its proposed plan, COFINA is asking Puerto Rico to suspend repayments to members of the bondholder group until 2018, when payments would steadily grow to at least $600 million by 2021. <\/p>\n

In exchange for the delayed payment, the bondholders are asking for the preservation of the notes’ tax-backed guarantee. Already, COFINA’s payments due this fiscal year have been put aside with its bond trustee. <\/p>\n

The bondholder’s group includes creditors such as Whitebox Advisors, Metropolitan Life Insurance and Golden Tree Asset Management. The bondholder group believes that delaying repayments for two years should give the island time to recover financially. <\/p>\n

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\n Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Puerto Rico Sales Tax Financing Corporation (COFINA) has submitted a plan to restructure the financially beleaguered island’s debt. COFINA, which is comprised of investors who possess debt backed by sales-tax revenues, has issued $17.3 billion in Puerto Rico debt-$7.5 billion in senior debt and $9.7 billion in second lien debt. COFINA’s proposal is in […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3922,4039,3755],"tags":[],"class_list":["post-1791","post","type-post","status-publish","format-standard","hentry","category-municipal-bonds","category-puerto-rico-bond-funds","category-ubs"],"yoast_head":"\nBondholder Group with $17.3B in Puerto Rico Debt Proposes Debt Restructuring Plan — Investor Lawyers Blog — February 11, 2016<\/title>\n<meta name=\"description\" content=\"The Puerto Rico Sales Tax Financing Corporation (COFINA) has submitted a plan to restructure the financially beleaguered island's debt. 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