4893-1993-0956.v1 

IN THE UNITED STATES DISTRICT COURT 

FOR THE DISTRICT OF PUERTO RICO 

In re: 

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO 

RICO, 

 as representative of 

THE COMMONWEALTH OF PUERTO 

RICO, et al.

 Debtors.1

PROMESA 

Title III 

No. 17 BK 3283-LTS 

(Jointly Administered) 

NOTICE OF FTI CONSULTING, INC., FINANCIAL ADVISOR TO THE 

OFFICIAL COMMITTEE OF RETIRED EMPLOYEES OF THE 

COMMONWEALTH OF PUERTO RICO, OF 

RATE INCREASES EFFECTIVE OCTOBER 1, 2022 

FTI Consulting, Inc. (“FTI”), financial advisor to the Official Committee of Retired 

Employees of the Commonwealth of Puerto Rico (the “Retiree Committee”), hereby submits this 

notice in accordance with the Court’s Order Imposing Additional Presumptive Standards: Rate 

Increases and the Retention of Expert Witnesses or Other Sub-Retained Professionals [Dkt. No. 

7678] (“Additional Presumptive Standards Order”), and respectfully states as follows: 

1

 The Debtors in these jointly-administered PROMESA title III cases, along with each Debtor’s respective title III 

case number listed as a bankruptcy case number due to software limitations and the last four (4) digits of each Debtor’s 

federal tax identification number, as applicable, are: (i) Commonwealth of Puerto Rico (Bankruptcy Case No. 17 BK 

3283-LTS) (Last Four Digits of Federal Tax ID: 3481); (ii) Puerto Rico Sales Tax Financing Corporation (Bankruptcy 

Case No. 17 BK 3284) (Last Four Digits of Federal Tax ID: 8474); (iii) Puerto Rico Highways and Transportation 

Authority (Bankruptcy Case No. 17 BK 3567-LTS) (Last Four Digits of Federal Tax ID: 3808); (iv) Employees 

Retirement System of the Government of the Commonwealth of Puerto Rico (Bankruptcy Case No. 17 BK 3566-LTS) 

(Last Four Digits of Federal Tax ID: 9686); (v) Puerto Rico Electric and Power Authority (Bankruptcy Case No. 17 

BK 4780) (Last Four Digits of Federal Tax ID: 3747); and (vi) Puerto Rico Public Buildings Authority (Bankruptcy 

Case No. 19 BK 5523-LTS) (Last Four Digits of Federal Tax ID: 3801). 

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4893-1993-0956.v1 

As of October 1, 2022, the hourly rates of FTI professionals working on matters in this 

Title III case were increased generally, reflecting firm-wide annual rate increases and/or increases 

in individual professionals’ seniority. These hourly rates remain in effect as of January 1, 2023. 

The hourly rate increases for the professionals expected to be most active in this case are 

as follows: 

 As set forth in the certification of Sean A. Gumbs, attached hereto as Exhibit A, the Retiree 

Committee has authorized the rate increases detailed herein, both with respect to the October 1, 

2022 effective date and on a timekeeper-by-timekeeper basis. 

 WHEREFORE, FTI respectfully requests that the Court take notice of the foregoing. 

Prior to 10/1/2022 Effective 10/1/2022

Professional* Practice* Title Rate Rate % Increase

Sean Gumbs Corporate Finance/Restructuring Senior Managing Director $ 1,200.00 $ 1,325.00 10.4% Ji Yon Hu Corporate Finance/Restructuring Senior Managing Director 1,050.00 1,125.00 7.1% Natalie Sombuntham** Corporate Finance/Restructuring Senior Director 865.00 925.00 6.9%

Jean Balzac Delgado Corporate Finance/Restructuring Consultant 440.00 530.00 20.5% Marili Hellmund-Mora Corporate Finance/Restructuring Manager 300.00 325.00 8.3% *Excludes Strategic Communications and Economic Consulting professionals, who are not expected to materially incur fees in 2023.

**Promoted to Senior Director effective 10/1/2022; hourly rate of $865.00 reflects Ms. Sombuntham's rate as a Director.

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4893-1993-0956.v1 

Dated: January 23, 2023 Respectfully submitted, 

FTI Consulting, Inc. 

By: /s/ Sean A. Gumbs 

Sean A. Gumbs 

1166 Avenue of the Americas 

New York, NY 10036 

sean.gumbs@fticonsulting.com 

212-499-3633 (telephone) 

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4893-1993-0956.v1 

IN THE UNITED STATES DISTRICT COURT 

FOR THE DISTRICT OF PUERTO RICO 

In re: 

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO 

RICO, 

 as representative of 

THE COMMONWEALTH OF PUERTO RICO, 

et al.

 Debtors.2

PROMESA 

Title III 

No. 17 BK 3283-LTS 

(Jointly Administered) 

VERIFIED CERTIFICATION OF SEAN A. GUMBS IN SUPPORT OF 

THE NOTICE OF FTI CONSULTING, INC., FINANCIAL ADVISOR TO 

THE OFFICIAL COMMITTEE OF RETIRED EMPLOYEES OF THE 

COMMONWEALTH OF PUERTO RICO, OF 

RATE INCREASES EFFECTIVE OCTOBER 1, 2022 

I, Sean A. Gumbs, hereby certify the following: 

1. I am a Senior Managing Director with FTI Consulting, Inc., together with its 

wholly-owned subsidiaries (“FTI”), an international consulting firm. 

2. I am the lead professional from FTI representing the Retiree Committee in 

connection with the above-captioned Title III Case. I am authorized to submit this certification in 

support of the Notice of FTI Consulting, Inc., Financial Advisor to the Official Committee of 

2

 The Debtors in these jointly-administered PROMESA title III cases, along with each Debtor’s respective title III 

case number listed as a bankruptcy case number due to software limitations and the last four (4) digits of each Debtor’s 

federal tax identification number, as applicable, are: (i) Commonwealth of Puerto Rico (Bankruptcy Case No. 17 BK 

3283-LTS) (Last Four Digits of Federal Tax ID: 3481); (ii) Puerto Rico Sales Tax Financing Corporation (Bankruptcy 

Case No. 17 BK 3284) (Last Four Digits of Federal Tax ID: 8474); (iii) Puerto Rico Highways and Transportation 

Authority (Bankruptcy Case No. 17 BK 3567-LTS) (Last Four Digits of Federal Tax ID: 3808); (iv) Employees 

Retirement System of the Government of the Commonwealth of Puerto Rico (Bankruptcy Case No. 17 BK 3566-LTS) 

(Last Four Digits of Federal Tax ID: 9686); (v) Puerto Rico Electric and Power Authority (Bankruptcy Case No. 17 

BK 4780) (Last Four Digits of Federal Tax ID: 3747); and (vi) Puerto Rico Public Buildings Authority (Bankruptcy 

Case No. 19 BK 5523-LTS) (Last Four Digits of Federal Tax ID: 3801). 

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4893-1993-0956.v1 

Retired Employees of the Commonwealth of Puerto Rico, of Rate Increases Effective October 1, 

2022 (the “Notice”), filed contemporaneously herewith. Except as otherwise noted, I have 

personal knowledge of the matters set forth herein. 

3. In accordance with the Order Imposing Additional Presumptive Standards: Rate 

Increases and the Retentions of Expert Witnesses or Other Sub-Retained Professionals [Dkt. No. 

7678] (“Additional Presumptive Standards Order”), the Retiree Committee authorized the rate 

increases identified in the Notice, both with respect to effective date and specific amount, on a 

timekeeper-by-timekeeper basis. 

4. FTI’s hourly rate schedules prior to October 1, 2022 and effective October 1, 2022 

for non-Senior Managing Director timekeepers in the Corporate Finance/Restructuring practice 

are as follows: 

5. On an approximately annual basis, each FTI practice evaluates the hourly rates 

charged by its billing professionals to determine whether those rates should be increased based on 

a timekeeper's developing skill, experience, professional advancement and academic or 

professional level of certification. FTI's hourly rate increases are consistent with changes in market 

hourly rates. The rates effective October 1, 2022 charged by the billing professionals working on 

these Title III cases were set through this process, and are consistent, both in amount and timing, 

with rates for FTI timekeepers not working on these Title III cases. 

STANDARD RATE ($) STANDARD RATE ($)

Prior to 10/1/2022 Effective 10/1/2022

TITLE

Corporate Finance/ 

Restructuring

Corporate Finance/ 

Restructuring

Managing Director $885 - 935 $985 - 1,055

Senior Director 850 - 875 925 - 975

Director 760 - 865 835 - 925

Senior Consultant 580 - 680 635 - 750

Consultant 430 - 515 475 - 570

Associate / Project Assistant 300 305 - 325

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4893-1993-0956.v1 

I certify under penalty of perjury that the foregoing is true and correct to the best of my 

knowledge, information, and belief formed after reasonable inquiry. 

Executed on January 23, 2023 

/s/ Sean A. Gumbs 

Sean A. Gumbs

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