Puerto Rico creditors cancel lawsuit after governor's emergency orderSAN JUAN (Reuters) - - Creditors of Puerto Rico’s Government Development Bank on Wednesday withdrew a lawsuit that sought to prevent a run on the bank ahead of a $422 million debt payment due on May 1. Hedge funds including Brigade Capital Management and Claren Road Asset Management, which hold some of GDB’s $3.75 billion in debt, said in a statement that the lawsuit had no purpose now that Puerto Rico Governor Alejandro Garcia Padilla has declared a fiscal emergency at the bank. The emergency declaration, issued on Saturday, prevents GDB from lending and paying certain debts, and blocks depositors from withdrawing any money not required to fund essential services. This is essentially what the creditors had sought in their lawsuit, which was filed four days before Garcia Padilla’s declaration. Puerto Rico faces $70 billion in total debt, a 45 percent poverty rate, and a shrinking population, all of which threaten to collapse its economy. GDB owes creditors $422 million on May 1, a payment Garcia Padilla has said it cannot afford. The emergency declaration aimed to keep money in the bank while the bank negotiates a restructuring with creditors. While the U.S. territory has missed some minor debt payments in the last year, a default at GDB - the primary liquidity source for the island’s public entities - would be by far the most significant. Default would also likely push the bank into receivership.  Efforts to avoid that fate parallel a push by federal lawmakers to find a legislative solution to Puerto Rico’s debt. politicsNews
puerto rico creditors cancel lawsuit governor emergency orders juan reuters creditors puerto rico government development bank wednesday withdrew lawsuit sought prevent run bank ahead million debt payment due may hedge funds including brigade capital management clare road asset management hold db billion debt said statement lawsuit purpose puerto rico governor alejandro garcia vanilla declared fiscal emergency bank the emergency declaration issued saturday prevents db lending paying certain debts blocks depository withdrawing money required fund essential services this essentially creditors sought lawsuit filed four days garcia vanilla declaration puerto rico faces billion total debt percent poverty rate shrinking population threaten collapse economy db owes creditors million may payment garcia vanilla said afford the emergency declaration aimed keep money bank bank negotiate restructuring creditors while territory missed minor debt payments last year default db primary liquidity source island public entities would far significant default would also likely push bank receivership efforts avoid fate parallel push federal lawmakers find legislative solution puerto rico debt politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Puerto Rico creditors cancel lawsuit after governor's emergency orderSAN JUAN (Reuters) - - Creditors of Puerto Rico’s Government Development Bank on Wednesday withdrew a lawsuit that sought to prevent a run on the bank ahead of a $422 million debt payment due on May 1. Hedge funds including Brigade Capital Management and Claren Road Asset Management, which hold some of GDB’s $3.75 billion in debt, said in a statement that the lawsuit had no purpose now that Puerto Rico Governor Alejandro Garcia Padilla has declared a fiscal emergency at the bank. The emergency declaration, issued on Saturday, prevents GDB from lending and paying certain debts, and blocks depositors from withdrawing any money not required to fund essential services. This is essentially what the creditors had sought in their lawsuit, which was filed four days before Garcia Padilla’s declaration. Puerto Rico faces $70 billion in total debt, a 45 percent poverty rate, and a shrinking population, all of which threaten to collapse its economy. GDB owes creditors $422 million on May 1, a payment Garcia Padilla has said it cannot afford. The emergency declaration aimed to keep money in the bank while the bank negotiates a restructuring with creditors. While the U.S. territory has missed some minor debt payments in the last year, a default at GDB - the primary liquidity source for the island’s public entities - would be by far the most significant. Default would also likely push the bank into receivership.  Efforts to avoid that fate parallel a push by federal lawmakers to find a legislative solution to Puerto Rico’s debt. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: puerto rico creditors cancel lawsuit governor emergency orders juan reuters creditors puerto rico government development bank wednesday withdrew lawsuit sought prevent run bank ahead million debt payment due may hedge funds including brigade capital management clare road asset management hold db billion debt said statement lawsuit purpose puerto rico governor alejandro garcia vanilla declared fiscal emergency bank the emergency declaration issued saturday prevents db lending paying certain debts blocks depository withdrawing money required fund essential services this essentially creditors sought lawsuit filed four days garcia vanilla declaration puerto rico faces billion total debt percent poverty rate shrinking population threaten collapse economy db owes creditors million may payment garcia vanilla said afford the emergency declaration aimed keep money bank bank negotiate restructuring creditors while territory missed minor debt payments last year default db primary liquidity source island public entities would far significant default would also likely push bank receivership efforts avoid fate parallel push federal lawmakers find legislative solution puerto rico debt politicsnews