The governor of Puerto Rico has announced that he will not seek a second four-year term leading this debt-swamped U.S. territory.

In a brief televised message broadcast Monday, Gov. Alejandro Garcia Padilla says campaigning for November elections as the candidate for the Popular Democratic Party would be a distraction from trying to "get out of this crisis" in Puerto Rico.

Struggling Puerto Rico faces more than $900 million in bond payments in January, including a $357 million general obligation bond payment due Jan. 1. It would be the island' first major default if the payment is not made.

Last week, Garcia said it was probable that the U.S. island will be unable to make more upcoming debt payments because it has no more money amid a worsening economic crisis.