Major Puerto Rico investor warns it stands ready to defend bonds

U.S. fund manager OppenheimerFunds, the largest holder of Puerto Rico debt among U.S. municipal bond funds, warned the island it stands ready to defend the terms of bonds it holds, a day after the governor said he wanted to restructure debt and postpone bond payments. Puerto Rico's Governor Alejandro Garcia Padilla could be heading toward a fight with creditors unwilling to take reduced payouts as he tries to restructure the island's $73 billion debt to relieve its fiscal problems. OppenheimerFunds, with about $4.5 billion exposure to Puerto Rico according to Morningstar, said it believed the island could repay bondholders while providing essential services to citizens and growing the economy.

Major Puerto Rico investor warns it stands ready to defend bonds source: http://finance.yahoo.com/news/major-puerto-rico-investor-warns-180801477.html