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O’Melveny’s Uhland Quoted in Reuters on Puerto Rico Bond SaleMarch 14, 2014
O’Melveny & Myers partner Suzzanne Uhland was quoted in a March 14, 2014, Reuters article, titled “RPT-Despite Blockbuster Bond Sale, Puerto Rico Debt-Holders Still in Crosshairs.” The piece describes Puerto Rico’s recent bond sale, which saved the US territory from the threat of looming default. According to the article, the 2035 GO bonds traded on Thursday held an average yield of 8.49%, compared with 8.727% at Tuesday's sale. “[T]he upbeat market reaction might be because documents authorizing the new bonds give New York courts legal jurisdiction in any disputes,” the article explained, citing Uhland on the topic. "To be able to get into US courts and be a squeaky wheel will position the new GO holders,” she said in the article, adding "[w]e think they are most likely to announce a moratorium on all debt payments and then force a consensual restructuring."
Uhland is chair of O’Melveny’s US Restructuring Practice and resides in the Firm’s San Francisco and Newport Beach offices.