Puerto Rico Said to Start Lender Talks as Soon as Wednesday
- Debt restructuring talks with creditors said already scheduled
- Advisers for at least five lender groups said to be attending
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Puerto Rico officials are scheduling meetings with creditors as soon as Wednesday to begin talks on restructuring its $70 billion of debt, according to two people with knowledge of the matter.
The U.S. territory expects to host at least two meetings in the New York offices of its law firm Cleary Gottlieb Steen & Hamilton LLP over the next two weeks to present the proposal to restructuring advisers representing its creditors, said the people, who asked not be identified because the information isn’t public. Representatives of at least five investor groups have been coordinating with Puerto Rico’s consultants to organize the meetings, the people said.