- Puerto Rico has hired restructuring lawyers from Cleary Gottlieb Steen & Hamilton, prompting speculation that the commonwealth is about to revamp its $70B of debt. Puerto Rico wouldn't be drawn on what the law firm's specific role would be.
- Cleary has represented a who's who of debt-laden countries, including Greece, Iceland and Argentina.
- News of the hiring comes after Puerto Rico raised $3.5B in high-yield municipal bonds last month.
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at CNBC.com (Jul 25, 2014)