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New Commonwealth Bondholder Group Forms to Engage in Negotiations Regarding Comprehensive Restructuring of Commonwealth Debt

November 8, 2018

NEW YORK--(BUSINESS WIRE)--Nov 8, 2018--An ad hoc group (the “Commonwealth Bondholder Group”) holding in the aggregate approximately $3.3 billion of bonds issued or guaranteed by the Commonwealth of Puerto Rico (the “Commonwealth”) has formed for the purposes of engaging in the negotiation of a comprehensive restructuring of the Commonwealth’s debts.

Davis Polk & Wardwell LLP, as counsel, and Ducera Partners, as financial advisor, have been retained by each of the Commonwealth Bondholder Group and Bonistas del Patio, Inc. (“Bonistas”), a nonprofit organization advocating for the interests of on-island bondholders who hold in excess of an additional $1 billion of debt issued or guaranteed by the Commonwealth, as they work together in furtherance of the Commonwealth’s restructuring. The Commonwealth Bondholder Group and Bonistas also intend to work cooperatively with several dozen Puerto Rico cooperatives and other stakeholders to achieve a consensual resolution to the Commonwealth’s Title III case.

The Commonwealth Bondholder Group is composed of funds managed or advised by Aurelius Capital Management, LP, Autonomy Capital (Jersey) LP, Brigade Capital Management, LP, Canyon Capital Advisors LLC, Davidson Kempner Capital Management LP, Monarch Alternative Capital LP, and OZ Management LP. The group has also retained Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell, Englert, Orseck, Untereiner & Sauber LLP and Goldin Associates, LLC with respect to certain matters.

View source version on businesswire.com:https://www.businesswire.com/news/home/20181108005642/en/

CONTACT: Davis Polk & Wardwell LLP

Katie Moss

Senior Manager, Public Relations & Communications

katie.moss@davispolk.com

KEYWORD: UNITED STATES NORTH AMERICA CARIBBEAN PUERTO RICO NEW YORK

INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE LEGAL

SOURCE: Davis Polk & Wardwell LLP

Copyright Business Wire 2018.

PUB: 11/08/2018 10:59 AM/DISC: 11/08/2018 10:59 AM

http://www.businesswire.com/news/home/20181108005642/en

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