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Puerto Rico GDB Hires Millstein Unit as Financial Adviser

Puerto Rico’s Government Development Bank said it hired an affiliate of Millstein & Co. as a financial adviser.

The GDB, which handles capital-market transactions for the U.S. commonwealth, said Washington-based Millco Advisors LP will assist in areas such as evaluating financing proposals and analyzing the territory’s capital structure.

The development bank unveiled the move in an e-mailed report yesterday giving an update on its liquidity.

The self-governing Caribbean island, which had its credit rating cut to junk last month as its leaders struggle with a shrinking economy, plans to sell as much as $3.5 billion of general-obligation bonds next week to balance budgets and refinance debt.

Jim Millstein, chief executive officer of Millstein & Co., was the U.S. Treasury Department’s chief restructuring officer until March 2011, according to the company’s website. The site calls him the architect of the restructuring of American International Group Inc.

He didn’t immediately respond to an e-mail or a voice message left at his office after business hours yesterday seeking comment on the GDB announcement. The company has offices in New York and Washington.

Betsy Nazario, a GDB spokeswoman in San Juan, didn’t respond to e-mails and phone messages seeking comment. Barbara Morgan, a spokeswoman for the bank in New York, didn’t have an immediate comment when reached by phone.

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