Staggered by a $72 billion debt load, Puerto Rico was likely to miss a debt payment due Saturday, setting the stage for what could be one of the largest U.S. municipal debt restructurings.

Puerto Rico’s government said Friday it would not make a $58 million bond payment due over the weekend.

“We don’t have the money,” the governor’s chief of staff, Victor Suarez, said at a news conference on Friday. He added that the government still hopes to renegotiate its debts with creditors.