Photographer: Derick E. Hingle/Bloomberg

Puerto Rico Moving Closer to Deal With Some Bank Bondholders

  • GDB owes $422 million of principal and interest on May 1
  • Treasury Secretary Lew urges Congress to act to avoid bailout

Puerto Rico’s Government Development Bank, operating under a state of emergency to preserve cash, is about halfway toward reaching a forbearance agreement with creditors, according to an official.

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