Puerto Rico to Present Its Position in NYC Monday

Puerto Rico plans to present its case for restructuring its debt in New York Monday.

In the meeting planned in Citigroup offices in mid-Manhattan, the authors of a recent report on Puerto Rico's debt and its economy will present their findings and recommendations, according to an industry source. In their report released on June 29, "Puerto Rico - A Way Forward," Anne Krueger, Ranjit Teja, and Andrew Wolfe argued that a restructuring of the commonwealth's debt is necessary.

The presentation is open only to investors and their representatives. Those wishing to attend should contact Citigroup.

Investors planning on attending will be allowed to send in questions in advance for Krueger to answer. Puerto Rico government representatives may also be in attendance.

The event will be live streamed on the internet to http://www.gdb-pur.com/ starting at 3 p.m.

Puerto Rico's government has hired Citigroup as the broker-dealer to lead any market-based transactions that may be the result of negotiations. Cleary Gottlieb Steen & Hamilton is continuing to serve the commonwealth as chief legal counsel concerning its debt. Millstein and Co. will continue to provide advice about possible forms of debt restructuring.

The industry source said he expected Monday's event to discuss all forms of commonwealth public sector debt and not just that of the commonwealth government.

On June 29 Puerto Rico Gov. Alejandro García Padilla said that given the commonwealth's current level of economic activity, the commonwealth's debt was unpayable. He said was forming a working group to, among other things, renegotiate the commonwealth's debt.