Law360, New York (July 3, 2014, 9:58 AM EDT) -- On June 28, Puerto Rico's governor, Alejandro Garcia Padilla, signed into law restructuring legislation that provides a judicial debt relief process in Puerto Rico's courts for certain public corporations, including the Puerto Rico Electric Power Authority (PREPA), the Puerto Rico Aqueduct and Sewer Authority (PRASA) and the Puerto Rico Highways and Transportation Authority (PRHTA). Despite a semantic effort by the governor and in the legislative preamble to distinguish the proposed legislation from "bankruptcy" legislation, the legislation is modeled on Chapter 9 and Chapter 11 of the U.S. Bankruptcy Code (with some significant distinctions) and is in all practical respects a nonfederal bankruptcy statute....