Some hedge fund investors in Puerto Rico’s debt, staring at the possibility they will be forced to take a severe haircut as part of a reorganization of the territory, have recently floated a novel plan: Have the island’s government borrow even more money, The Post has learned.

Several funds that own Puerto Rico’s general obligation (GO) bonds are telling members of Congress they want to exchange their debt for newly issued bonds, sources close to the situation told The Post — even though Puerto Rico can’t pay its present $72 billion in debt.

The proposal would result in the funds retaining more of their profits than they would if Congress allowed Puerto Rico access to a court-supervised reorganization — but is still a risk for House Speaker Paul Ryan, who is trying to craft a bill Republicans, Democrats and creditors can support.

The clock is ticking. Puerto Rico is facing a May 1 debt payment it can’t afford to make. Ryan wants to present legislation to Congress next week, sources said.

The GO bondholders want Congress to create a “control board” to sell $6 billion in bonds backed by an existing petroleum tax.

The lenders would exchange some of their debt, now trading at 60 cents, for new bonds they believe would trade at more than 80 cents, one source said.

What Puerto Rico would get from the deal is a lower interest rate, around 5 percent, compared with the 8.7 percent it pays now, and a later maturity, the source said.

The control board would have the right to reduce most of the 13 different classes of debt but not the GO bonds.

“A partial cram-down is a compromise,” said a source close to the GO bondholders.

The Obama administration has been pushing for the right to impair all creditors, so Puerto Rico can reduce its debt and get more breathing room.

That would never pass muster with the conservative Republican wing, so Ryan is in a tight space — pressing to see how far he can push a bill and not lose that conservative support. Ryan’s office did not return calls.