Public Pensions Spared from Cuts in Puerto Rico’s Restructuring
By Robert D. Gordon, Partner, Jenner & Block LLP & Sean A. Gumbs, CTP, Senior Managing Director, FTI Consulting Inc.
The Title III case of the Commonwealth of Puerto Rico has been much discussed in restructuring circles since the Financial Oversight and Management Board (FOMB) of Puerto Rico commenced the case approximately five years ago, on May 3, 2017. While many mainland discussions have centered on the...
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Sean A. Gumbs is a senior managing director in FTI Consulting’s Corporate Finance practice and co-leads the firm’s municipal finance offering. He routinely advises stakeholders in complex corporate and public sector restructurings. He has advised stakeholders on Puerto Rico matters over many years, including work for the Government Development Bank for Puerto Rico (GDB) and the Puerto Rico Highway and Transportation Authority (PRHTA) prior to the Commonwealth Title III process, and for the Retiree Committee during the Title III process.
Robert D. Gordon is a partner and co-chair of the Restructuring & Bankruptcy Practice in the New York office of Jenner & Block LLP. He represents distressed companies, significant creditor constituencies, and other parties in interest in complex and high-stakes corporate and public sector restructurings. He currently is counsel to the Official Committee of Retirees in the restructuring proceedings for the Commonwealth of Puerto Rico. Gordon also served as special restructuring counsel to the Detroit Retirement Systems in the City of Detroit’s Chapter 9 bankruptcy case.
