EXHIBIT 4 

Case:17-03283-LTS Doc#:3140-4 Filed:05/24/18 Entered:05/24/18 14:42:12 Desc:

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208.184.49.98 

May 14, 2018 07:09 AM Eastern Daylight Time

NEW YORK & SAN JUAN, Puerto Rico--(BUSINESS WIRE)--The COFINA Senior

Bondholders Coalition (the “Coalition” or “we”), which collectively represents the largest

group of organized holders of bonds issued by the Puerto Rico Sales Tax Financing

Corporation (“COFINA”), released the below statement today regarding its involvement in

developing a proposed settlement of The Commonwealth of Puerto Rico v. COFINA dispute

(the “dispute”), litigation that commenced last year as part of the Title III proceedings

pursuant to the Puerto Rico Oversight, Management and Economic Stability Act

(“PROMESA”):

“After an extended period of uncertainty and litigation, it is encouraging that

constructive settlement discussions have gained momentum. Today’s

disclosures underscore that major stakeholders, including on-island

bondholders, are committed to exploring restructuring solutions that balance

property rights and secured creditors’ priority standing with the desire of all

parties to see Puerto Rico accelerate its economic recovery.

We believe it is a very positive development that a cross-section of bondholders

and insurers with significant exposure to both COFINA and GO debt have come

together on a high-level settlement framework that aims to offer Puerto Rico

substantial debt relief. Under the proposed terms, the local government would be

able to restructure its two largest debt issuances through a non-recourse

COFINA Senior Bondholders Coalition Discloses

Participation in Constructive Settlement Discussions

to Help Resolve Puerto Rico’s Debt Crisis

– Coalition Worked Alongside Major Stakeholders, including the

Bonistas del Patio, GO Bondholders and Monoline Insurers, to

Advance Viable Solutions for Puerto Rico –

– A Negotiated Resolution Can End Years of Litigation, Provide

Billions in Debt Relief and Save Puerto Rico Hundreds of

Millions in Professional Fees –

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COFINA-like trust without requiring any increase to the Sales & Use Tax. This

framework allows the Commonwealth to benefit from COFINA creditors’

willingness to accept material principal haircuts to consensually resolve the

dispute.

While members of the Coalition support the COFINA-GO settlement framework,

the group also proposed alternative settlement terms – again with significant

principal haircuts to COFINA – in mid-April to other constituencies that include

the Commonwealth Agent and the Official Committee of Retirees. Discussions in

the court-mandated process for the Commonwealth v. COFINA dispute regarding

alternative settlement proposals remain ongoing.

The proposals disclosed today reflect a major step forward in the effort to solve

Puerto Rico’s debt crisis in an amicable manner. The spirit of cooperation and

compromise that has guided recent negotiations represents strong progress that

we encourage all parties to rally behind. Rather than waging costly and

distracting litigation, there is an opportunity for Puerto Rico and its major

creditors to seize the moment and help put the island back on the right footing

for the future.”

Please visit here and here for documentation related to the proposed COFINA-GO settlement

framework, and visit here for documentation related to the Coalition’s mid-April proposal to

the Commonwealth Agent and the Official Committee of Retirees. Under the dispute’s

governing protocol, any settlement will require the support of both the Commonwealth Agent

and the COFINA Agent, or the Financial Oversight and Management Board.

About the Coalition

The COFINA Senior Bondholders Coalition is a group of creditors based throughout the

United States. It is led by GoldenTree Asset Management LP, Tilden Park Capital

Management LP, Scoggin Capital LLC, as well as other institutional and retail investors.

Cautionary Statement

This communication and accompanying material is not intended to represent a

recommendation or investment advice of any kind. Such content is not provided in a fiduciary

capacity, may not be relied upon for or in connection with the making of investment decisions,

and does not constitute a solicitation of an offer to buy or sell securities. All content has been

provided for informational purposes only and, as such, should not be construed as legal or

investment advice and/or a legal opinion.

Contacts

Profile Advisors

Greg Marose, 347-774-1215

gmarose@profileadvisors.com

Case:17-03283-LTS Doc#:3140-4 Filed:05/24/18 Entered:05/24/18 14:42:12 Desc:

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