SAN JUAN, PUERTO RICO (LC) Puerto Rico has until May 1st to restructure $70 billion in debt. Negotiations with the U.S. legislature re-opened Thursday, but there is a growing expectation of default. Last year the U.S. Congress enacted a rescue law, the Puerto Rico Oversight, Management & Economic Stability Act (PROMESA), which froze creditor lawsuits until May 1st. The Act also started negotiations between a federally appointed oversight board and creditors for the largest debt restructuring in U.S. municipal history. Failure to reach an agreement will trigger PROMESA’s court-sanctioned restructuring process, which is equivalent to bankruptcy. Unlike the 50 states, … Continue reading Puerto Rico debt default looming, bankruptcy ‘likely’