Thomson ReutersThe Government Development Bank (GDB)in San Juan Puerto Rico
SAN JUAN (Reuters) – Puerto Rico’s Government Development Bank said it has reached a deal with credit unions to avoid defaulting on about $33 million of debt due on Monday.
The GDB, Puerto Rico’s primary fiscal agent, said in a statement on Friday that it was still negotiating with other creditors in hopes of avoiding default on another $422 million due on Monday. The terms of the deal struck with the credit unions, according to the statement in Spanish, are also “available to other … creditors of the GDB, including other institutional bondholders.”
(Editing by Matthew Lewis)
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