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Puerto Rico Spends More Than $60 Million on Debt Restructuring

  • Cleary Gottlieb set to receive $25 million through December
  • Prepa on the hook for $22 million to AlixPartners for CRO work
Updated on

The old adage that it takes money to make money assumes a whole new meaning when its comes to Puerto Rico.

The commonwealth and its main electric utility have spent more than $60 million in legal and advisory fees from firms such as Cleary Gottlieb Steen & Hamilton LLP and Millstein & Co. over the past two years as the governor and public finance officials seek to restructure the island’s $72 billion debt burden, according to a review of contracts by Bloomberg News.