Puerto Rico governor calls for bankruptcy; adviser says island 'insolvent'

June 30, 2015 12:05 AM

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Puerto Rico governor calls for bankruptcy; adviser says island 'insolvent'

NEW YORK Puerto Rico's governor on Monday called for the commonwealth to be allowed to restructure its debts under U.S. bankruptcy code, while a newly appointed adviser to the U.S. territory said it is "insolvent" and will soon run out of cash.

Governor Alejandro Garcia Padilla, in a televised address, said sacrifice must be shared by bondholders, as he called for Washington to allow a bankruptcy debt restructuring.

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