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Puerto Rico oversight board to push bondholders to continue mediation: board lawyer
May 17, 2017 / 2:21 PM / in 5 months

Puerto Rico oversight board to push bondholders to continue mediation: board lawyer

(Reuters) - A lawyer for Puerto Rico’s federal financial oversight board on Wednesday said the island’s two main creditor groups have both expressed interest in continuing mediated settlement talks as the island goes through bankruptcy. 

Attorney Martin Bienenstock, speaking at the first hearing since Puerto Rico filed for a modified version of bankruptcy earlier this month, said the board plans to press holders of GO and COFINA debt to mediate. The dispute between those groups is central to the island’s $70 billion debt crisis. 

Bienenstock added that other agencies, namely highway authority PRHTA, will file for bankruptcy “soon.”

Editing by Bernard Orr

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