The Financial Oversight and Management Board for Puerto Rico said on Wednesday it hired investigations firm Kobre & Kim to review the U.S. territory's past debt issuance and how it relates to the current fiscal crisis.
"The Special Committee considers this investigation an integral part of the Board's mission to restore fiscal balance and economic opportunity and to promote Puerto Rico's reentry to the capital markets," the board said in a statement.
The firm was selected after the special committee of the board issued a request for proposal in August.
Puerto Rico, which this year filed the biggest bankruptcy in U.S. municipal history, is struggling to regain economic stability in the face of a $72 billion debt load, a 45 percent poverty rate and near-insolvent public health and pension systems.
The investigation will review "contributors" to Puerto Rico's crisis and examine the island's debt and issuance, including disclosure and selling practices, the statement said.
By Stephanie KellyPuerto Rico financial oversight board hires firm to review debt sales
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