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Komfie Manalo, Opalesque Asia: Puerto Rico may be getting a bad rap for defaulting on its credits and the plan of Gov. Alejandro García Padilla to restructure $70 billion in debt, but hedge fund manager John Paulson thinks there are opportunities in the unincorporated U.S. territory.
On Thursday, Paulson is set to travel to Puerto Rico as the keynote speaker at the Puerto Rico Investment Summit to be held at the Puerto Rico Convention Center in a bid to encourage investors to invest in the island, reported the New York Post.
However, Paulson, who has invested millions of dollars buying up several luxury hotels in Puerto Rico, including a $20m stake in the cash-strapped San Juan Beach Hotel, is not expected to receive a warm reception from his audience, experts said. A source was quoted as saying by the New York Post, "He will be there talking about the value of investing in Puerto Rico. He’s trying to attract capital to Puerto Rico."
Investors are particularly peeved at the proposal of Padilla to restructure the island’s debt.
Indeed, several hedge funds, including Monarch Alternative Capital and WhiteboxAdvisors ...................... To view our full article Click here
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