July 25, 2014 / 7:41 PM / 3 years ago

Creditor group backing Puerto Rico gets new members

NEW YORK, July 25 (Reuters) - A group of hedge funds supporting debt restructuring efforts in Puerto Rico has gained 14 new members, bringing the group’s total assets under management to $240 billion, a spokesman for the group said on Friday.

Four hedge funds created the group, which calls itself the ‘Ad Hoc’ group, last week. Its founding members were Brigade Capital Management, Fir Tree Partners, Monarch Alternative Capital, and Perry Capital. They said at the time they could provide a source of funding for Puerto Rico as it aims to put its fiscal house in order.

The group of 18 has $4.2 billion tied up in Puerto Rico debt. The majority of it is in general obligation bonds, government development bank debt, sales-tax revenue bonds, and public building authority debt, the spokesman said.

The spokesman declined to reveal the names of the new members of the group. (Reporting by Edward Krudy; Editing by Peter Galloway)

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