In Spanish, Puerto Rico translates into “rich port.” The meaning of the name took an ironic turn last week when the U.S. territory requested that it enter a new form of bankruptcy protection, burdened by 3 billion in debt and unfunded pension commitments. Puerto Rico’s hopes for redemption lie in a 10-year fiscal plan drafted by a federal oversight board that aims for broad-based structural and economic reforms. The cornerstone of the plan is debt restructuring and spending cuts, which is key to restoring Wall Street’s confidence in the commonwealth and protecting its future borrowing power in the capital markets, according to David Skeel, professor of corporate law at the University of Pennsylvania Law School, who was one of seven people on the Financial Oversight and Management Board for Puerto Rico that gave the commonwealth the green light to enter the debt restructuring process.…