By Nick Brown
Puerto Rico GDB amends wind-down deal to help storm-battered towns
NEW YORK (Reuters) – Puerto Ricos Government Development Bank, the islands insolvent former fiscal agent now in wind-down mode, has tweaked its $5 billion debt restructuring deal to help keep small towns afloat six months after Hurricane Maria.
Governor Ricardo Rossellos office said in a statement on Tuesday that the bank, known as the GDB, will allow towns to offset any loans owed to it with assets on deposit at the bank.
The towns also will be allowed immediate payment of 55 percent of certain assets held at the GDB.
Those concessions are offset by other changes that keep the new stru…
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