Puerto Rico's Government Development Bank (GDB) has hired a restructuring expert to evaluate potential funding sources and financial proposals for the bank and commonwealth, it said yesterday, less than a week before the commonwealth's expected multi-billion dollar municipal bond offering, Reuters reported yesterday. The GDB, which acts as the territory's central bank, said that the hiring of Millco Advisors LP, a Washington, D.C.-based affiliate of Millstein & Co LP, should not raise fears of default. "We can say clearly, we have not hired anyone to advise on restructuring. Millco is simply acting as a financial adviser and has been very helpful with various aspects of the fiscal plan," said GDB spokeswoman Betsy Nazario. As a territory, Puerto Rico cannot file for protection under chapter 9 of the Bankruptcy Code.
