Law Firm that Will Advise Government of Puerto Rico Selected
SAN JUAN – The government of Puerto Rico announced Wednesday the selection of global firm Dentons as its new legal adviser in the restructuring of Puerto Rico’s debt, as well as in the preparation of its fiscal plan, as required by the federal Promesa law.
According to a statement issued by the Puerto Rico Fiscal Agency and Financial Advisory Authority (Fafaa), the law firm is one of the world’s largest and has experience in debt restructuring processes, including the Detroit bankruptcy case under Chapter 9 of the Federal Bankruptcy Code.
Caribbean Business sources said Gov. Ricardo Rosselló’s fiscal team held meetings this week with a group of firms selected after completing the request for qualifications process on Jan. 6.
Along with Dentons, the Morrison & Foerster, O’Melveny, Dykema and Kirkland & Ellis firms, which currently represents Puerto Rico in the federal government after being hired by the past administration, were part of the final list of candidates, sources said.
The selection of an external financial and strategic adviser is left, for which a request for qualifications was also carried out.
The selection of the legal firm was announced by the governor during a press conference earlier Wednesday, but he didn’t reveal which firm since he preferred that Fafaa make the announcement.
“We have been working diligently, weekends, until 1 a.m., a lot of evaluation… We now have those tools that allow us to enter into discussion with different sectors,” the governor told the press.
The Fafaa statement adds that in the case of Detroit, Dentons “successfully” represented and defended that city’s pensioners.