Puerto Rico faces $355M debt payment as US Senate holds hearing on island's crisis

Puerto Rico's heavily indebted government has until midnight to address a multimillion-dollar bond payment that is key to the U.S. territory's economic future.

Gov. Alejandro Garcia Padilla has not said whether his administration will be able to make the $355 million payment.

Garcia and other Puerto Rico officials are scheduled to testify on the island's economic crisis at a Tuesday hearing by the U.S. Senate Judiciary Committee.

Puerto Rico's Government Development Bank has previously said it could run out of money by year's end. Failure to make the bond payment could complicate the island's efforts to reach restructuring deals on its $72 billion of public debt that Garcia has said is unpayable.