Some light shed on advisers’ fees
SAN JUAN—The administration of Gov. Ricardo Rosselló awarded $5.5 million in two contracts with law firms Dentons and Dykema, according to the data from the Puerto Rico Comptroller’s Office.
Both contracts, under the Puerto Rico Fiscal Agency and Financial Advisory Authority (FAFAA) run through June 30.
According to the Comptroller’s registry, the hiring of Dykema—which advised the governor’s transition committee—for $1 million took place Jan. 20. Meanwhile, the amount registered for Dentons is $4.5 million and its contract was awarded Feb. 3.
On Jan. 11, the government announced the selection of Dentons as lead legal adviser on the public debt’s restructuring process, as well as in the preparation of the fiscal plan that must be submitted to Promesa’s fiscal control board by Feb. 28.
One week after the selection of Dentons, FAFAA announced Rothschild as its lead strategic financial advisers. However, the amount of the contract awarded to this firm has yet to be disclosed.
Meanwhile, the Government Development Bank (GDB) is in talks with Washington, D.C.-based strategic advisory firm Ankura, bank President Christian Sobrino told Caribbean Business.
Working from Puerto Rico for the firm are Juan Carlos Batlle, former GDB president under the administration of Luis Fortuño, as well as Puerto Rican energy attorney Jorge San Miguel.
According to Rosselló’s Financial Emergency and Fiscal Responsibility Act, both the Treasury secretary and the director of the Office of Management and Budget must transfer the necessary funds to cover the expenses of advisers dealing with the island’s debt restructuring.