GOVERNMENT BUSINESS

Ankura Advises Government of Puerto Rico in Largest Public Sector Restructuring in U.S. History

Ankura | March 17, 2022

Ankura Consulting, LLC, an independent global expert and advisory services firm, announced that on March 15, 2022, the Plan of Adjustment for the Commonwealth of Puerto Rico went effective.  On January 18, 2022, U.S. District Court Judge Hon. Laura Taylor Swain approved the Plan of Adjustment that set the restructuring terms for approximately $34 billion of debt, which is the largest restructuring of municipal debt in U.S. history.  The Plan of Adjustment paves the way for Puerto Rico to exit from bankruptcy with a stable and sustainable balance sheet.

Through the implementation of the Plan of Adjustment, Puerto Rico reduces the total amount of central government debt from $34 billion to $7.4 billion; cuts Puerto Rico's maximum annual debt service payments from a maximum of $4.2 billion to $1.15 billion; and lowers per capita debt by 86%.

"This is a great collective achievement for Puerto Rico, thanks to the fiscal and economic team of the Government, the Legislature, the Financial Oversight and Management Board (Oversight Board), and all those who have worked over the past five years to get to this historic moment," said Fernando Batlle, Ankura's Chairman of Latin America, who is leading all aspects of Ankura's advisory work for the Government.  He continued, "The consummation of the Commonwealth Plan of Adjustment is the 'reset' button for Puerto Rico and starts a new era of fiscal stability with new opportunities to shape a successful, modern economy."

Philip Gund, Global Leader of Ankura's Turnaround & Restructuring practice, commented, "Fernando and the Ankura team worked collaboratively with the Government, the Fiscal Oversight Board and its constituencies and advisors while keeping the best interests of the Commonwealth at the forefront of the restructuring."

In addition to the rightsizing of the Commonwealth's balance sheet, the Plan of Adjustment also includes elements that promote and ensure that the Commonwealth maintains fiscally responsible policies and avoids the mistakes of the past, including: the establishment of debt management guidelines that govern future public indebtedness and the establishment and funding of a pension reserve trust to meet future pension obligations.

The Plan of Adjustment puts Puerto Rico on a path to grow again the Island's economy, encouraging investment by restoring investors' confidence in Puerto Rico, which in turn will promote economic development and job creation."  He continued, "We are honored to have been involved in this historic moment, and as our team continues to advise the Government in other initiatives, our goal will continue to be the betterment of the Commonwealth and its people."

Kevin Lavin, CEO of Ankura

About Ankura
Ankura Consulting Group, LLC is an independent global expert services and advisory firm that delivers services and end-to-end solutions to help clients at critical inflection points related to change, risk, disputes, finance, performance, distress, and transformation. The Ankura team consists of more than 1,700 professionals serving 3000+ clients across 55 countries who are leaders in their respective fields and areas of expertise. Collaborative lateral thinking, hard-earned experience, expertise, and multidisciplinary capabilities drive results and Ankura is unrivaled in its ability to assist clients to Protect, Create and Recover Value.

Spotlight

The 2015-2019 City of Columbus, Ohio Consolidated Plan is the result of a collaborative process to identify housing and community development needs and to establish goals, priorities, and strategies to address those needs, especially for low and moderate income households. The process serves as the framework for a community-wide dialogue to better focus funding from HUD formula block grant programs to meet local needs. The City of Columbus is an entitlement jurisdiction that receives federal funds from HUD to support local community development and affordable housing activities. The federal block grant programs that provide these resources include the Community Development Block Grant (CDBG), the HOME Investment Partnerships Program (HOME), the Emergency Solutions Grant (ESG), and the Housing Opportunities for Persons with AIDS Grant (HOPWA). As a condition of receiving these funds, the City of Columbus is required to submit a 5-Year Consolidated Plan, which outlines the city’s housing and community development needs and priorities, and the First Year Annual Action Plan (budget) that identifies how the city plans to allocate its HUD funding to address those priority needs. In turn, the Consolidated Plan serves as the document that guides the priorities and expenditure of CDBG, HOME, ESG and HOPWA funds received by the city. Additional information on each of these programs is provided following the summary of the Consolidated Plan’s sections.


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EMERGING TECHNOLOGY,GOVERNMENT BUSINESS

NIC State Partners Receive 2022 Government Experience Awards from the Center for Digital Government

Tyler Technologies | September 17, 2022

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EMERGING TECHNOLOGY,CYBERSECURITY

German Firms Tighten Cybersecurity Against New Threats

ISG | September 12, 2022

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CYBERSECURITY

Cybrary Partners With Carahsoft to Provide Cybersecurity Skill Development to Government Agencies and Customers

Carahsoft | September 28, 2022

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EMERGING TECHNOLOGY,GOVERNMENT FINANCE

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Kaloom | September 09, 2022

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Spotlight

The 2015-2019 City of Columbus, Ohio Consolidated Plan is the result of a collaborative process to identify housing and community development needs and to establish goals, priorities, and strategies to address those needs, especially for low and moderate income households. The process serves as the framework for a community-wide dialogue to better focus funding from HUD formula block grant programs to meet local needs. The City of Columbus is an entitlement jurisdiction that receives federal funds from HUD to support local community development and affordable housing activities. The federal block grant programs that provide these resources include the Community Development Block Grant (CDBG), the HOME Investment Partnerships Program (HOME), the Emergency Solutions Grant (ESG), and the Housing Opportunities for Persons with AIDS Grant (HOPWA). As a condition of receiving these funds, the City of Columbus is required to submit a 5-Year Consolidated Plan, which outlines the city’s housing and community development needs and priorities, and the First Year Annual Action Plan (budget) that identifies how the city plans to allocate its HUD funding to address those priority needs. In turn, the Consolidated Plan serves as the document that guides the priorities and expenditure of CDBG, HOME, ESG and HOPWA funds received by the city. Additional information on each of these programs is provided following the summary of the Consolidated Plan’s sections.

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