Puerto Rico Gov't Bank Restructuring Deal Gets Court OK
Law360 (November 7, 2018, 4:51 PM EST) -- The federal judge overseeing Puerto Rico’s bankruptcylike proceedings on Tuesday approved a contentious $4.1 billion deal to restructure its Government Development Bank over the objections of some creditors, making it the first of the island’s insolvent public entities to successfully restructure its debts out of court.
The GDB was blamed for many of the financial policy failures that gave rise to Puerto Rico’s crushing $74 billion debt load in an August report, and unsecured creditors of the Commonwealth had complained that the deal would give former bank officials a free pass for their earlier conduct.
The GDB’s own creditors overwhelmingly approved...
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