December 3, 2021

Law for Puerto Rico Government Development Bank’s debt-restructuring signed

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From Caribbean Business SAN JUAN – Gov. Ricardo Rosselló has signed Senate Bill 908, which includes amendments to restructure the debt of the Puerto Rico Government Development Bank (GDB). “This agreement reaffirms our desire to reach agreements with our creditors,” Rosselló said in the announcing release. “These amendments will simplify the processes in the management […]

La Fortaleza: GDB interest payment wasn’t made

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By Luis J. Valentín From Caribbean Business SAN JUAN — After hours of much deliberation among Gov. Alejandro García Padilla and his administration’s fiscal team, a $28 million interest payment on Government Development Bank (GDB) debt due Aug. 1 failed to be authorized before midnight. “The GDB interest payment was not made. The GDB has requests […]

Melba Acosta resigns as GDB President

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By Luis J. Valentín From Caribbean Business SAN JUAN — On Thursday, La Fortaleza announced the resignation of Government Development Bank (GDB) President & Chairwoman Melba Acosta, effective July 31. In her resignation letter dated July 6, she says it is time to refocus her professional career, after 12 years of public service, three of which […]

Bank sued by hedge funds

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From Caribbean News Service SAN JUAN, Puerto Rico, Apr 05 2016 – A group of hedge funds that say they hold a significant amount of Puerto Rico debt sued the island’s troubled Government Development Bank on Monday, a move that raises concerns about the future of an institution that issues loans and oversees the U.S. […]