In early April, the government of Puerto Rico disclosed the hiring of a New York law firm that has handled more than 30 sovereign debt restructurings, including those of Greece, Argentina, Iraq and Russia.
Puerto Rico is in hot pursuit of the wealthiest stateside investors, with the public and private sectors banding together to showcase the benefits — both legal and natural — that the island has to offer.
The Government Development Bank for Puerto Rico spent $2.6 million to pay for the services of two stateside law firms, Cleary Gottlieb Steen & Hamilton LLP and Proskauer & Rose LLP, seeking advice on “financing plans and other related matters.”