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Alternative Market Briefing

Journalists sue Puerto Rican government to release hedge funds bondholders

Tuesday, July 14, 2015

Komfie Manalo, Opalesque Asia:

A group of journalists in Puerto Rico is suing their government to force it to reveal the names of hedge funds who hold the country’s bonds. The Caribbean Island and a U.S. territory, is trying to negotiate with bondholders to restructure its $72 billion debt, Reuters said.

Puerto Rico's Center for Investigative Journalism issued a statement to pressure the government to reveal the information. The group said, "The information is of great public interest, as investment firms seeking to collect debt are trying to influence financial decisions and public policy to ensure their profits,"

It added that the Association of Journalists of Puerto Rico has also joined the lawsuit and the clamor for transparency about the bondholders.

Ad Hoc Group, a group of 35 hedge funds that hold $4.5 billion of Puerto Rico's debt, including Brigade Capital Management, Monarch, Stone Lion, Davidson Kempner, and Centerbridge, refused to comment on the issue.

Ad Hoc Group has a combined assets of $500 billion.

Meanwhile, liberal research group Hedge Clippers picketed the fund-raising event for Gov. Andrew Cuomo on Saturday which was organized by hedge fund executives who played a part in Puerto Rico’s troubl......................

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