Core Insights - BGC Partners Advisory, a boutique restructuring firm established in 2024 by former Citigroup public finance bankers, is dissolving due to a lack of ongoing contracts and reduced workload from key clients [1][4]. Company Overview - BGC was founded in January 2024 by David Brownstein, John Gavin, and James Castiglioni, all former Citi employees with extensive experience in municipal finance [3]. - The firm primarily served Puerto Rico's financial oversight board, which manages the island's spending and the bankruptcies of its government agencies [1]. Client Impact - The Puerto Rico financial oversight board has been informed of BGC's intention to dissolve, but it does not expect this decision to impact the ongoing debt restructuring of Puerto Rico's Electric Power Authority (Prepa) [2]. - Prepa has been in bankruptcy since 2017, with nearly $9 billion in outstanding debt, and the restructuring process has stalled due to disputes between bondholders and the oversight board [5]. Financial Context - BGC's workload significantly decreased as the bankruptcy court sought to resolve disputes regarding Prepa's revenues, leading to the end of its most recent contract with the oversight board on June 30 [4][5]. - The firm submitted its final application for compensation to Puerto Rico's bankruptcy court in September, covering fees and expenses through the end of that month [4]. Industry Developments - Following BGC's dissolution, James Castiglioni has joined Huntington National Bank as a managing director, where he will leverage his extensive experience in municipal debt transactions [7]. - Castiglioni's background includes executing over 50 municipal debt transactions totaling approximately $50 billion during his tenure at Citi [7].