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S&P500
2343.98
-1.98
-0.08%
NASDAQ
5828.74
+11.04
+0.19%
NYSE
11418.887
-12.008
-0.1050%
GOOG
814.43
-3.15
-0.39%
YHOO
46.4
-0.2
-0.43%
AAPL
140.64
-0.28
-0.20%
AMZN
845.61
-1.77
-0.21%
FB
140.34
+0.81
+0.58%
BPOP
38.69
-0.02
-0.05%
EVTC
15.75
-0.2
-1.25%
OFG
10.95
-0.1
-0.90%
FBP
5.45
-0.01
-0.18%
GTS
16.73
+0.13
+0.78%

Law Firm that Will Advise Government of Puerto Rico Selected

By on January 11, 2017

Antonio Weiss, left, counselor to Treasury Secretary Jacob J. Lew, testifies on Capitol Hill in Washington, Wednesday, April 13, 2016, before the House Natural Resources Committee during a legislative hearing on a discussion draft of the "Puerto Rico Oversight, Management, and Economic Stability Act." Weiss is joined at the table by former Washington, D.C. Mayor Anthony A. Williams, a Senior Advisory at Dentons US LLP, center; and John V. Miller, CFA Managing Director, Co-Head of Fixed Income Nuveen Asset Management, right. (AP Photo/Susan Walsh)

Antonio Weiss, left, counselor to Treasury Secretary Jacob J. Lew, testifies on Capitol Hill in Washington, Wednesday, April 13, 2016, before the House Natural Resources Committee during a legislative hearing on a discussion draft of the “Puerto Rico Oversight, Management, and Economic Stability Act.” Weiss is joined at the table by former Washington, D.C. Mayor Anthony A. Williams, a Senior Advisory at Dentons US LLP, center; and John V. Miller, CFA Managing Director, Co-Head of Fixed Income Nuveen Asset Management, right. (AP Photo/Susan Walsh)

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.

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