Rich Myers
Rich Myers

Profile Advisors handles the largest creditor group in Puerto Rico that agreed yesterday on a financial deal that Governor Ricardo Rossello hailed as “a significant step in restructuring Puerto Rico’s debt and reaffirms once again the credibility of our efforts.”

The COFINA Senior Bondholders Coalition said restructuring of an estimated $18B in debt lays the groundwork for future capital market access and equitable recoveries and resumption of cash interest for bondholders.

It also reduces the island’s debt by $7B.

The Wall Street Journal reported the restructuring, which requires court approval, would “mark the largest consensual debt settlement with creditors” since Puerto Rico entered bankruptcy last year.

Edelman Financial veterans Rich Myers and Greg Marose launched Profile Advisors in April with support from Prosek Partners

They exited Edelman in March.