Relevant:
- Puerto Rico's Governor Says the Island Will Default on Monday
- Puerto Rico Risks Historic Default as Congress Chooses Inaction
- Puerto Rico Faces Record $2B Default July 1st: A Look at the Bonds Due
- Puerto Rico has begun to default, governor says; status of payment unclear
- Puerto Rico Senate Passes Sweeping Moratorium on Paying Debt
2016-04-09 — bloomberg.com
The Development Bank, which lends to the U.S. commonwealth and its municipalities and is running out of cash, faces a $422 million principal and interest payment on May 1. The bank is negotiating with creditors about that deadline as the island seeks to reduce its $70 billion debt load.
...Declaring an emergency period allows the governor to create a bridge bank that would take on some of the GDB's liabilities, including deposits, and continue certain functions of the bank, according to debt-moratorium legislation that the governor signed into law this week. It also enables Garcia Padilla to begin a receivership process for the bank.
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