Archive · 9 Jan 2026
BGC Partners Advisory Dissolves After Puerto Rico Work
BGC Partners Advisory was a small company that helped with financial problems, especially for Puerto Rico.
It was started in 2024 by some former bankers from Citigroup.
The company worked with Puerto Rico’s financial oversight board, which manages the island’s money and bankruptcies.
However, the company is now closing down because its main contract ended and there were some big disagreements about how to handle Puerto Rico’s debt.
One of the founders, James Castiglioni, has already moved to a new job at Huntington National Bank.
The company’s closure is not expected to affect the ongoing debt restructuring for Puerto Rico’s power utility, Prepa.
BGC Partners Advisory, a restructuring firm founded by ex-Citigroup bankers, is dissolving after its contract with Puerto Rico’s financial oversight board ended.
The firm's dissolution is not expected to impact the ongoing debt restructuring for Puerto Rico’s Electric Power Authority (Prepa).
BGC faced criticism for its $850,000 monthly retainer, and the Trump administration fired most of the board’s members in August.
James Castiglioni, one of the firm's founders, has joined Huntington National Bank as a managing director in its New York City office.
Prepa has been in bankruptcy since 2017, with bondholders and the oversight board still disputing how to reduce nearly $9 billion of outstanding debt.
- Who
- BGC Partners Advisory, a restructuring firm founded by ex-Citigroup bankers
- What
- The firm is dissolving after its contract with Puerto Rico’s financial oversight board ended
- When
- The firm's final contract ended on June 30, 2024, and it submitted its final compensation application in September 2024
- Where
- The firm was based in the United States and worked with Puerto Rico’s financial oversight board
- Why
- The firm's workload drastically reduced due to a dispute between bondholders and the oversight board regarding Prepa’s revenues, stalling the bankruptcy progress
- Firm Name
- BGC Partners Advisory
- Founded
- January 2024
- Key Client
- Puerto Rico’s financial oversight board
- Final Contract End
- June 30, 2024
- Prepa Debt
- $9 billion
- Bondholders Dispute
- Revenue sharing before restructuring
- Castiglioni's New Role
- Managing Director at Huntington National Bank
- Castiglioni's Experience
- 14 years at Citi, $50 billion in municipal debt transactions