Craig Barbarosh, a partner in the Insolvency and Restructuring practice, spoke with Law360 on possible restructuring by the Government Development Bank for Puerto Rico. The commonwealth—which stated last month that it does not have a debt restructuring plan in place for its estimated $70 billion in public debt—recently announced the engagement of a firm focused on restructuring. Craig said that Puerto Rico is likely examining all of its financial options: “It’s an example of another large, highly levered municipality that has seen declining tax revenue and has to deal with its debts through some type of restructuring. They have a lot of debt and maturities coming due and creditors that are very focused on how they’re going to recover, and I think it’s prudent for them to hire an experienced insolvency firm to help them work through those issues.” (“Puerto Rico Bank Hires Clearly Gottlieb for Restructuring,” April 7, 2014)