Restructuring Of Puerto Rico's Investment Bank Approved

Law360 (May 11, 2018, 6:30 PM EDT) -- Puerto Rico’s federally appointed oversight board has officially signed off on a plan to restructure the $4.1 billion in debt held by the island’s Government Development Bank, in a move government officials called an “important step” toward working out its total $74 billion debt load.

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 bankruptcy-like restructuring process, agreed on Friday to sanction an out-of-court plan reached between the GDB and its major creditors.

The deal will essentially see the GDB released of liability for all its old...

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