Gdb Restructuring Support Agreement

“This agreement is an example of the government regaining the credibility it had lost in recent years. We are pleased with this agreement which will be in the best interest of the people of Puerto Rico,” Rosselló said at a morning press conference. Restructuring does not depend on the resources of the Commonwealth General Fund. RSA is also considering a cash payment to Municipalities in Puerto Rico that hold accounts with GDB. Gerardo Portela, Executive Director of AAFAF, said: “This transaction is the result of important negotiations in good faith and underlines the government`s committed policy of reaching mutual agreements with creditors. “On behalf of the AAFAF and the administration, I would like to express my gratitude to the GDB and its key constituents for working tirelessly to reach an amicable settlement. The successful restructuring of GDB`s commitments, as planned by the RSA, is an important step forward in Puerto Rico`s economic recovery,” Said Mr. Portela. This agreement contributes to the necessary determinations to continue to protect assets and develop cooperation on the island,” added Alianza de Cooperativas. The agreement comes after the RSA, already obtained by AAFAF, which represents the Puerto Rico Electric Power Authority (PREPA), the ad hoc group of PREPA bondholders, fuel line of credit providers, monoline insurers and the Economic Development Bank of Puerto Rico, which has achieved savings of $2.2 billion for the people of Puerto Rico. The Alianza de Cooperativas added: “It is important to highlight the transparency of the government by opening the books of the DGB without reservation and offering and explaining the details necessary for this agreement.” He added: “The transaction announced today reaches a fair and appropriate agreement for local bondholders, which will allow them to recover a significant portion of their invested capital by understanding the circumstances of the GDB.” Le Gov. Ricardo Rosselló announced on Monday that the AAFAF and the Government Development Bank of Puerto Rico have entered into a Restructuring Support Agreement (RSA) with many of their key stakeholders. Before the pressor of La Fortaleza, the restructuring brigades of the creditor camp worked hard to get support for the agreement. .

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