If Trump is smart, he'll tell the DemocRATS and the UNIONS who created this disaster, "NO !". He is a deal maker. He should send some people who are bankruptcy experts to look at the assets of the state and privatize everything he can in a deal to pay back bond holders. He can take the school districts, privatize them and do an IPO. Take the money and pay down their debt. Illinois can then become one of the least socialized states. Do the same in Puerto Rico.
From the articles I referenced above:
Fox News, "... A top financial official just warned 100 percent of the state's monthly revenue will be eaten up by court-ordered payments. ...
'Nobody here in Illinois is considering bankruptcyfirst of all, its not allowed,' said Steve Brown, press secretary for Illinois House Speaker Michael Madigan. "
But SOME HOW .... they WILL mange to blame the Republicans for this mess,
even though it's ENTIRELY THE DEMOCRATS WHO CREATED THIS DISASTER !