Puerto Rico Gov. Alejandro Garcia Padilla has called for reforms and a debt moratorium as the island tries to meet its obligations. The temporary relief provides an opportunity for debt restructuring, said Alexandra Lebenthal, president and CEO of Lebenthal Holdings.
"When you do get to the bottom of the barrel and the money isn't there, you do get the realization that something needs to be done," she said in a CNBC "Power Lunch" interview.
Read MoreIs your bond fund invested in Puerto Rico?
Puerto Rico's debt situation has seen a "slow erosion over time," and the last week was particularly painful for creditors, including bond funds, Lebenthal said. She stressed that considerable uncertainty remains for bondholders as the situation progresses.
Lebenthal added that investors should assess how funds with high exposure to Puerto Rican bonds have performed. She noted that some OppenheimerFunds offerings with large Puerto Rico holdings have lagged behind the broader municipal bond market.