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Cooperativas Cut Debt Deal With Puerto Rican Bank

Twenty-five institutions agree to a $33 million bond exchange as the government defaults on $422 million in other bonds.

By David Baumann | Updated on May 03, 2016

Many of the largest cooperativas in Puerto Rico have agreed to a limited exchange of about $33 million in Government Development Bank bonds in a deal that was announced just days before the island’s government defaulted on $422 million in other bonds.

The deal did not mention any federal support for the state cooperativas and the $33 million is a just drop in the bucket as the cooperativas hold hundreds of millions of dollars in GDB bonds. The GDB said negotiations are continuing with other entities that hold its bonds, including hedge funds. Meanwhile, the island’s government defaulted on $422 million in bonds Tuesday.

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David Baumann

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