A group of Puerto Rico bondholders hired one of the newest financial advisory firms to represent it as the island seeks to restructure its $72 billion of debt, according to three people with knowledge of the matter.
The bondholders, which own the U.S. commonwealth’s Government Development Bank debt, chose Ducera Partners on Thursday, said the people, who asked not to be identified because the information is private.
The mandate is the second high-profile one for New York-based Ducera after it was formed this year. Michael Kramer and several other restructuring bankers started the firm after they left Perella Weinberg Partners LP.
The GDB bondholders had hired law firm Davis Polk & Wardwell earlier this month to help protect their investments, people with knowledge of that hire told Bloomberg last week.
A spokesman for Ducera declined to comment.
The group is comprised of at least four firms including Brigade Capital Management, Candlewood Investment Group, Fir Tree Partners and Perry Corp., people said last week.
Aaron Daniels, associate general counsel for Brigade, declined to comment. Representatives for Candlewood, Fir Tree and Perry didn’t immediately respond to telephone and e-mail requests for comment.