World Bulletin / News Desk 

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.

The White House has said there is no plan for bailing out Puerto Rico from its financial crisis.

"There's no one in the administration or in D.C. that's contemplating a federal bailout of Puerto Rico," spokesman Josh Earnest said on Monday.

“But we do remain committed to working with Puerto Rico and their leaders as they address the serious challenges,” he added.

White House’s comment came after Puerto Rico's Governor Alejandro García Padilla told New York Times on Sunday that the commonwealth could not pay its $72 billion debts. Puerto Rico needs to pay $93 million every month to its creditors.

Following Padilla’s comment, the price of Rico’s bond declined around 12 percent.

As an unincorporated commonwealth U.S. territory, Puerto Rico cannot file for bankruptcy. But Padilla said he was considering asking the U.S. Congress to change the law of Chapter 9 so that the island could declare bankruptcy.

Meanwhile, reports released by the World Bank and the International Monetary Fund on Monday also showed the commonwealth could not pay its debt.

The country’s public agencies owe a large part of the debt. The power company alone owes some $9 billion.