Shortly after June 29, when the governor of Puerto Rico declared that the island's $72 billion in debt was not payable, the Working Group was established to start on a comprehensive fiscal adjustment plan to restructure the U.S. territory's debt.
The Working Group's restructuring plan was due to be delivered to Gov. Alejandro Garcia Padilla for review on Sunday. However, according to a statement issued by the Governor's Chief of Staff, Víctor Suárez Meléndez, the Governor granted a last minute extension to the Working Group to present their fiscal adjustment proposal.
"Since the Government's efforts in the past days have been focused on preparing for the possible impact of tropical storm Erika, the work of the designated group, the consultant's analysis, and the final drafting of the document have not been completed."
The new deadline for the group to deliver the plan to the Governor for review will be "on or before September 8, 2015."
Once the proposal has been completed, the intended date the details will be made public is not known; Padilla is to make that decision after he reviews the plan.