san juan creditors puerto rico government development bank wednesday withdraw lawsuit seek prevent run bank ahead 422 million debt payment due may 1. hedge fund include brigade capital management claren road asset management hold gdb 3.75 billion debt say statement lawsuit purpose puerto rico governor alejandro garcia padilla declare fiscal emergency bank emergency declaration issue saturday prevent gdb lend pay certain debts block depositors withdraw money require fund essential service essentially creditors seek lawsuit file four days garcia padilla declaration puerto rico face 70 billion total debt 45 percent poverty rate shrink population threaten collapse economy gdb owe creditors 422 million may payment garcia padilla say afford emergency declaration aim keep money bank bank negotiate restructure creditors u.s. territory miss minor debt payments last year default gdb 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 puerto rico creditors cancel lawsuit governor 's emergency order