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Hedge funds still plan $2 bln financing deal with Puerto Rico -source
February 9, 2015 / 6:22 PM / 3 years ago

Hedge funds still plan $2 bln financing deal with Puerto Rico -source

NEW YORK, Feb 9 (Reuters) - Hedge funds holding Puerto Rico’s general obligation debt are still planning a $2 billion financing deal with the U.S. commonwealth despite a court decision to void a law allowing the island’s public corporations to file for bankruptcy, a source close to the funds said on Monday.

“The Recovery Act was as much a signal as a tool that the public corporations are on their own,” said the source, who asked not to be named as details of the financing deal are not yet public. “For us nothing material has significantly changed.”

The deal is expected to be completed in March or April, the person said.

Reporting by Edward Krudy; Editing by Meredith Mazzilli

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