Puerto Rico Bank Hires Cleary Gottlieb For Restructuring

By Kurt Orzeck (April 7, 2014, 10:11 PM EDT) -- The Government Development Bank for Puerto Rico has hired Cleary Gottlieb Steen & Hamilton LLP lawyers specializing in restructuring, the parties confirmed Monday, less than a month after the commonwealth, which has an estimated $70 billion in public debt, said it did not have a debt restructuring plan in place.

A spokesman for the bank, which is the fiscal agent for Puerto Rico and its instrumentalities, told Law360 late Monday that it had entered into an engagement with Cleary Gottlieb, although he did not say in what capacity.

A spokeswoman for Cleary Gottlieb told Law360 late Monday that lawyers from the...

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