AlixPartners will lead the restructuring of the Puerto Rico Electric Power Authority, the New York Times reported, citing an unnamed person briefed on the matter.
AlixPartners managing director Lisa Donahue will serve as PREPA's chief restructuring officer, the newspaper said on its DealBook blog.
"Ms. Donahue's credentials are certainly impressive and, as far as we can tell, this does look like an excellent appointment," Axios Advisors managing partner Triet Nguyen said in a column in MuniNetGuide.com. "We also think the PREPA board was smart not to pick from the ranks of its current restructuring advisers, such as FTI Consulting and Millco Advisors LP."
PREPA has about $8.3 billion in bonds outstanding and has signaled that it will restructure its debt in March. It has a few more billion dollars in liabilities including $696 million in debt to banks.
