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R&G Financial seeks OK to settle claim with FirstBank Puerto Rico
By Lisa Kerner
Charlotte, N.C., April4 - R&G Financial Corp. asked the court to approve an order settling and allowing secured pre-petition claim of FirstBank Puerto Rico, according to a Monday filing with the U.S. Bankruptcy Court for the District of Puerto Rico.
The settlement calls for the return of FirstBank's collateral, plus a one-time payment of $3 million to FirstBank, in satisfaction of all of FirstBank's claims against the debtor's estate, including an unsecured deficiency claim, the filing said.
The collateral securing FirstBank's loan to the debtor is estimated to be between $12 million and $13.2 million.
In July 2010, FirstBank filed a proof of claim in excess of $32 million.
R&G, a San Juan, Puerto Rico-based bank holding company, filed for bankruptcy on May 14, 2010. The Chapter 11 case number is 10-04124.
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