They've won some breathing space.
So, what will the actual consequences of this be?
How will it affect the lives of Puerto Ricans?
Further down the death spiral. Every conventional option is getting more and more gummy. Further austerity would cause yet more flight to the mainland and genuine social unrest, so would not be cost-effective. Trying to take advantage of the weird constitutional status of PR to form a SEZ is tempting, but is kind of what caused the problem in the first place and is a shot in the dark. Refusing to pay the creditors is against the commonwealth's constitution, and would probably result in a humiliation of a showdown. Restructuring the debt is impossible with a recalcitrant Congress indifferent. Repaying the debt is mathematically impossible.
The Zika outbreak is also becoming genuinely alarming at this stage.
