Puerto Rico’s finance team said yesterday at a meeting of its creditors that it had not yet determined how it would seek to revamp the island’s obligations, the New York Times DealBook blog reported today. The roughly 350 creditors, such as hedge funds and money managers, that had packed into a New York City auditorium yesterday were told they would have to wait several more weeks until a working group made up of Puerto Rico political leaders came up with formal recommendations for ending the island’s fiscal crisis. “I ask for your patience while we develop a credible plan that meets all of our stakeholders’ objectives,” Melba Acosta Febo, the president of the Government Development Bank for Puerto Rico, told the creditors gathered at Citigroup’s executive headquarters. The meeting, which lasted more than an hour, was the first time that creditors heard directly from Puerto Rico officials since Gov. Alejandro García Padilla declared two weeks ago that the island’s debt was not payable.
