2 PRIDCO bondholders pull out of RSA
By The Star Staff
Two Puerto Rico Industrial Development Co. (PRIDCO) bondholders have ended their participation in the island’s debt restructuring.
The information was contained in a letter published earlier this week in the Electronic Municipal Market Access (EMMA).
GoldenTree and First Ballantyne have terminated their participation in a restructuring support agreement (RSA) reached with the commonwealth two years ago, according to the letter.
The letter dated April 16 was sent by GoldenTree Asset Management Associate General Counsel Sasha Linney and First Ballantyne President James Ford to the law firm O’Melveny & Myers.
The two bondholders asked to be left out of the RSA dated as of June 13, 2019 and amended as of Aug. 15, 2019, entered into by and among the Puerto Rico Fiscal Agency and Financial Advisory Authority on behalf of PRIDCO and certain holders of bonds issued by PRIDCO, including GoldenTree and First Ballantyne.
“GoldenTree and First Ballantyne are the holders of the majority of the bonds and the supporting bondholders now cease to constitute majority bondholders as those terms are defined in the RSA,” the letter says.
PRIDCO has been enduring financial difficulties and another media outlet reported that negotiations for a debt restructuring had been delayed.