Puerto Rico’s record $3.5 billion sale of junk-rated municipal debt buys the struggling U.S. territory at least 15 months of financial breathing room. It took demand from hedge funds to get the deal done.
Jim Millstein, the U.S. Treasury Department’s former chief restructuring officer who helped oversee the bailouts of American International Group Inc. and Citigroup Inc., is forming a turnaround advisory firm.
Miller Buckfire & Co., under pressure to recruit senior-level bankers after the retirement of co-founder Henry Miller and other departures, is in discussions with Jim Millstein, the U.S. Treasury Department’s former chief restructuring officer, said two people familiar with the matter.
Millstein & Co., the turnaround advisory firm started by former U.S. Treasury Department Chief Restructuring Officer Jim Millstein, hired private-equity investor Michael Duran to help oversee a distressed investing venture with Third Avenue Management LLC.