Puerto Rico Board OKs Development Bank Restructuring

Law360, New York (July 17, 2017, 7:14 PM EDT) -- The federally appointed board overseeing Puerto Rico's landmark financial crisis on Friday authorized the territory's Government Development Bank to restructure $4.1 billion in outstanding debt as part of a plan to wind down the agency and issue new bonds with principal discounts to bank creditors.

The Financial Oversight and Management Board for Puerto Rico, a seven-member panel created by the U.S. Congress last year to manage the commonwealth's $74 billion debt dilemma, unveiled the board's approval of a restructuring support agreement that will distinguish GDB from the territory's other public entities by allowing it to restructure its debt load out of...

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