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Puerto Rico oversight board approves GDB liquidation plan
April 28, 2017 / 1:23 PM / 7 months ago

Puerto Rico oversight board approves GDB liquidation plan

NEW YORK, April 28 (Reuters) - Puerto Rico’s financial oversight board on Friday approved a fiscal plan for the struggling U.S. territory’s Government Development Bank, which would wind down the bank’s operations over 10 years.

The GDB, which had served as the island’s primary fiscal agent, has been a shell entity since April 2016, when Puerto Rico’s former governor declared a state of emergency at the bank. The bank defaulted on $422 million of debt the following month. (Reporting by Nick Brown; Editing by Meredith Mazzilli) )

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