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

NEW YORK–(BUSINESS WIRE)–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.

Contacts

Davis Polk & Wardwell LLP
Katie Moss
Senior Manager,
Public Relations & Communications
katie.moss@davispolk.com

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