In the FT, Eric Platt offers an update on the debt situation in Puerto Rico:

• The U.S. territory carries a USD 70 billion debt burden.
• It has defaulted multiple times over the past year, “including on bonds backed with a constitutional guarantee.”
• It did not have access to a court-backed restructuring process until Congress recently passed and President Obama signed the Puerto Rico Oversight, Management and Economic Stability Act (Promesa).
• A seven-person control board controls the island’s finances and will oversee negotiations with creditors.
• Puerto Rico has two weeks to submit a turnaround plan to the board.