Billing for Professional Services in Puerto Rico’s Bankruptcy Cases Reaches $135 Million

It hasn’t been a year since the beginning of Puerto Rico’s bankruptcy cases and spending on professional services already amounts to roughly $135 million, according to the most recent invoices filed in federal court. From Oct. 1 to Jan. 31, the tab for the law firms and consulting companies that work in the five Puerto Rico bankruptcy cases under Title III of PROMESA exceeds $57 million. The sum doesn’t include some professionals that have yet to submit their invoices for the second interim period, such as attorneys for the island’s Fiscal Control Board (FCB), Proskauer Rose and O’Neill & Borges, and government consultant, Deloitte.

Recycled Proposals in Puerto Rico’s Fiscal Plans

How many times can someone say the word “plan” in 30 seconds? At least eight. “I know that ‘the plan’ has been used as a joke by some. [Audience laughter] And apparently I repeat the word ‘plan’ a lot. [Laughs] But I want to talk to you about the importance then of having that plan…