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Puerto Rico Financial Oversight and Management Board Announces New Contracts

The Puerto Rico Financial Oversight and Management Board late yesterday announced three key contracts:

  • McKinsey & Co. was retained as the panel’s temporary strategic consultant. Puerto Rican Bertil Chappuis will head the firm’s work for the Board. Puerto Rico Governor Alejandro Garcia Padilla earlier selected another McKinsey executive as the Board’s infrastructure officer (“Revitalization Coordinator”): Aaron Bielenberg. Bielenberg has international experience in infrastructure projects, including turnarounds and restructuring. He is expected to create a review process for critical infrastructure projects within the next month, and to develop a “fact-based framework” for reviewing such projects.
  • Proskauer Rose is the Board’s principal outside legal counsel. Former U.S. Securities and Exchange Commission General Counsel Ralph Ferrara will lead the firm’s efforts on behalf of the Board. Proskauer had contracts with the Garcia Padilla Administration between March 2, 2014 and June 30th of this year – the date on which the Federal law that established the Board was enacted.
  • O’Neill & Borges was hired as the Board’s local law firm. Hermann Bauer-Alvarez and Julio Pietrantoni are the principal attorneys.


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