Edelman Financial is aiding a group of senior Puerto Rico creditors as its members back a House of Representatives measure to tackle the island's $70B debt crisis.
The long-delayed Puerto Rico Oversight, Management, and Economic Stability Act aims to carve a path for the US territory out of its crushing debt, the result of a stagnant economy and shrinking tax revenues. The legislation is backed by conservative members of Congress averse to a "bailout" of Puerto Rico and would create an oversight board and quasi bankruptcy plan.
Edelman is representing senior creditors and asset managers who support the bill, including former Sen. Judd Gregg, the New Hampshire Republican who is a senior advisor to the bondholders group. Gregg said the bill "will aid the Puerto Rican people, honor creditors' legal rights and safeguard US taxpayers against funding a bailout."
Sean Neary, executive VP for corporate affairs and financial communications at Edelman Washington, leads the PR assignment.
Puerto Rico faces a large debt payment of $1.9B on July 1.
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