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Puerto Rico Government Seeks Legal and Financial Advisers

By on January 3, 2017

FAFAA logoSAN JUAN – The Puerto Rico government’s Financial Advisory & Fiscal Agency Authority (FAFAA) announced late Tuesday that it has opened a request for qualifications (RFQ) process to hire legal and financial advisers.

According to the documents posted on the fiscal authority’s website, Gov. Ricardo Rosselló’s administration seeks strategic and financial advisers as well as legal advice for activities that may include compliance with the federal Promesa law, communication with the Financial Oversight & Management Board, preparation of fiscal plans and restructuring the public debt.

Although the disclosure of any service previously provided to the island government as well as to any group of creditors is required, this doesn’t automatically disqualify interested firms.

The outgoing administration of Gov. Alejandro García Padilla had several external consulting firms under contract, including Millstein & Co., AlixPartners, Cleary Gottlieb and Kirkland & Ellis. Although the new administration has already said it will terminate the contracts of external advisers granted by the previous government, it is not yet clear how much longer these firms will remain contracted by the government. Most of these contracts are valid until the summer of this year.

As previously reported by Caribbean Business, the incoming transition team used the services of Dykema, a Michigan-based firm, which sources said is interested in assuming Cleary’s role during the Rosselló administration. In statements written to Caribbean Business on Dec. 29, a spokeswoman for the governor indicated that there was no contract with Dykema  beyond its role during the transition and that several firms are being evaluated.

FAFAA Executive Director Gerardo Portela Franco stated that the RFQ will run until 5 p.m. Friday, Jan. 6.

The agency added that interested firms will find more details on the AAFAF website, www.aafaf.pr.gov.

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