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.

A 'soft' plan

Some details of the plan were revealed in leaked documents obtained, and posted, by the local newspaper, NotiCel, and, at first glance it doesn't appear to be as hard hitting as some had hoped for.

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"The plan presented yesterday is soft, in that it relies on phantom savings and difficult managerial reforms," Dan Hanson, an analyst at Height Securities, which advises clients with financial interests in Puerto Rico, wrote in a report last week Hanson also notes that "the plan as presented still implies that (Puerto Rico) needs $2.5 billion in debt relief per year in medium term, which implies that the commonwealth is still intending to deeply haircut bondholders of many (or most) Puerto Rican bonds."

Monday: PRASA payment due

A Puerto Rican flag flies from a building in San Juan, Puerto Rico. Getty Images

The sole provider of public and wastewater services in Puerto Rico, PRASA, has a scheduled $90 million payment due to its trustee, Banco Popular, on Monday.

The $90 million loan stems from an agreement PRASA was able to broker with its creditors in late May to avoid a $150 million payment deadline due to Banco Popular and Oriental Bank. The deal was brokered under the assumption the utility would be able to execute a new bond offering prior to the Aug. 31 due date.

In mid-August, PRASA filed to sell $750 million in revenue bonds to investors. However, a pricing date has yet to be set for the bond deal—which would have been the first issuance by the U.S. territory since March 2014—and is likely on hold until after the Working Group's plan to restructure Puerto Rico's debt is unveiled.

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Despite the failed bond sale and insufficient funds in its coffers, PRASA should still be able to make the payment, albeit through a separate source.

In a note issued earlier this week, Sandler O'Neill's Alexander Twerdahl pointed out that in the event that the long-term debt offering intended to repay the $90 million loan is not successful, "the loan shall be paid from moneys withdrawn from PRASA's Rate Stabilization Account, which are currently held in escrow."

Tuesday: PREPA restructuring