The Commonwealth of Puerto Rico’s first meeting with its bondholders, which took place on Monday in Citigroup Inc.’s New York office, was short on details, but it did reveal a few points about Puerto Rico’s restructuring strategy. At the meeting, one of Puerto Rico’s restructuring advisers, Jim Millstein of Millstein & Co., declined to answer hedge fund bondholders’ questions about how specific debt classes will be treated. However, he said that the restructuring will proceed with an ‘issuer-by-issuer approach,’ using ongoing negotiations at the Puerto Electric Power Authority as an example of what creditors can expect.
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