The GDB Liquidation Entity reports on the recovery of public loans

The Liquidation Entity of the Government Development Bank for Puerto Rico (BGF), administered under the supervision of the Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF), presented its annual report on the collection and liquidation of financial assets of the extinct state banking institution.

The balance details the recovery of millions of dollars through the ordered collection of loans granted in past decades to public corporations and city halls, as well as the disposal of seized commercial and industrial real-estate properties. Those funds are destined to meet the statutory distributions to holders of bonds restructured under Title VI of PROMESA through the GDB Debt Restructuring Act.

The report underlines the historic contrast of the liquidation of the institution that for more than seven decades served as the fiscal and financing arm of Puerto Rico's industrial development and public infrastructure. The Fiscal Oversight Board, led by Robert F. Mujica Jr., certified progress in the definitive closure of the state bank's residual operations in line with the long-term fiscal-sustainability plans.

Source: Sin Comillas. https://sincomillas.com/la-entidad-de-liquidacion-del-bgf-presenta-balance-de-recuperacion-de-activos/