The Puerto Rico Oversight Board hired strategic and legal advisors including Proskauer Rose LLP, a New York-based law firm that worked for the Government Development Bank for Puerto Rico as recently as this spring.

On Sunday the board announced in a press statement that it was hiring Proskauer Rose as lead outside legal counsel. Proskauer represented the GDB in its case through the federal legal system to defend its home-grown bankruptcy law for its public corporations. In June the U.S. Supreme Court ruled that a part of Chapter 9 bankruptcy prevents the island from creating its own bankruptcy law.

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