Fee examiner Brady Williamson has submitted for U.S. District Court approval in Puerto Rico’s bankruptcy-like process up to $52.3 million in legal and service fees for 13 entities from October to January, along with a warning about increasing litigation costs, Caribbean Business reported. The fee examiner also called on the court to approve certain presumptive standards that would help curb the increasing spending on litigation related to the commonwealth’s debt-restructuring proceedings. For instance, he said professionals seeking fees or expenses through the Title III fee process under the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) should not be able to submit reimbursement requests for any other firm’s professional firms. Williamson also said hourly rate increases on fees will continue to be identified, as will evaluations of such increases for reasonableness. The number of professionals subject to review has grown to 50 firms, and the total fees and expenses submitted for review has grown beyond $400 million. Puerto Rico has five bankruptcy processes under Title III and must also deal with hundreds of adversary proceedings.
