A little-known UK advisory firm stands to make about $27m from the restructuring of Barbadoss $7bn of debts close to what Lazard earned seven years ago when it advised Greece on defaulted debt nearly 40 times bigger.
White Oak Advisory is a small firm with just two partners located opposite Claridges hotel in Londons Mayfair. The size of the fee it will receive from its work on the default has outraged the Caribbean islands creditors.
The fee is absurd given the size of the debt, said Sean Newman, an Atlanta-based portfolio manager at Invesco and a member of the external committee of creditors. Ive never seen anything like this in my 20 years in the business.
White Oak was founded a decade ago by Sebastian Espinosa, a former Houli…
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