
Puerto Rico Seeks Proposals for Legal, Financial Advisers
Puerto Rico's new governor wasted no time seeking advisers to help the island restructure $70 billion in debt, requesting late on Tuesday that firms submit their qualifications as legal and financial advisers, Reuters reported yesterday. Governor Ricky Rossello, who was sworn in on Monday, had sharply criticized the financial policies of his predecessor, Alejandro García Padilla, during the 2016 campaign. García Padilla pushed for sharp reductions in debt payments to Puerto Rico's creditors and ordered several defaults during his term. Rossello, who favors U.S. statehood for the island, believes it should try to limit such cuts while imposing belt-tightening measures like consolidating public agencies. Firms have until Friday to submit their qualifications. Those that have represented Puerto Rico's creditors are not barred from vying for a contract. Read more.
For more news and analysis of Puerto Rico's debt crisis, be sure to visit ABI's "Puerto Rico in Distress" webpage.









