230328 ORD RE NATIONAL STAY VERSION MARCH 28, 2023 1

UNITED STATES DISTRICT COURT

FOR THE DISTRICT OF PUERTO RICO

1

 The Debtors in these Title III Cases, along with each Debtor’s respective Title III case 

number and the last four (4) digits of each Debtor’s federal tax identification number, as 

applicable, are the (i) Commonwealth of Puerto Rico (the “Commonwealth”) 

(Bankruptcy Case No. 17 BK 3283-LTS) (Last Four Digits of Federal Tax ID: 3481); 

(ii) Puerto Rico Sales Tax Financing Corporation (“COFINA”) (Bankruptcy Case No. 17 

BK 3284-LTS) (Last Four Digits of Federal Tax ID: 8474); (iii) Puerto Rico Highways 

and Transportation Authority (“HTA”) (Bankruptcy Case No. 17 BK 3567-LTS) (Last 

Four Digits of Federal Tax ID: 3808); (iv) Employees Retirement System of the 

Government of the Commonwealth of Puerto Rico (“ERS”) (Bankruptcy Case No. 17 BK 

3566-LTS) (Last Four Digits of Federal Tax ID: 9686); (v) Puerto Rico Electric Power 

Authority (“PREPA”) (Bankruptcy Case No. 17 BK 4780-LTS) (Last Four Digits of 

Federal Tax ID: 3747); and (vi) Puerto Rico Public Buildings Authority (“PBA”) 

(Bankruptcy Case No. 19-BK-5523-LTS) (Last Four Digits of Federal Tax ID: 3801) 

(Title III case numbers are listed as Bankruptcy Case numbers due to software 

limitations).

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

as representative of

THE COMMONWEALTH OF PUERTO RICO et al.,

Debtors.1

PROMESA Title III

Case No. 17-03283-LTS

(Jointly Administered)

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

as representative of

PUERTO RICO ELECTRIC POWER AUTHORITY,

Debtor.

PROMESA Title III

Case No. 17-04780-LTS

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230328 ORD RE NATIONAL STAY VERSION MARCH 28, 2023 2

THE FINANCIAL OVERSIGHT AND MANAGEMENT 

BOARD FOR PUERTO RICO, 

as representative of

THE PUERTO RICO ELECTRIC POWER AUTHORITY,

Plaintiff/

CounterclaimDefendant,

PUERTO RICO FISCAL AGENCY AND FINANCIAL 

ADVISORY AUTHORITY, THE OFFICIAL COMMITTEE 

OF UNSECURED CREDITORS OF ALL TITLE III 

DEBTORS, CORTLAND CAPITAL MARKET SERVICES, 

SOLA LTD., SOLUS OPPORTUNITIES FUND 5 LP, 

ULTRA MASTER LTD, ULTRA NB LLC, UNION DE 

TRABAJADORES DE LA INDUSTRIA ELECTRICA Y 

RIEGO INC., AND SISTEMA DE RETIRO DE LOS 

EMPLEADOS DE LA AUTORIDAD DE ENERGIA 

ELECTRICA,

Intervenor-Plaintiffs,

v.

U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE,

Defendant/

CounterclaimPlaintiff,

THE AD HOC GROUP OF PREPA BONDHOLDERS, 

ASSURED GUARANTY CORP., ASSURED GUARANTY 

MUNICIPAL CORP., NATIONAL PUBLIC FINANCE 

GUARANTEE CORPORATION, AND SYNCORA 

GUARANTEE, INC.,

IntervenorDefendants/

CounterclaimPlaintiffs.

PROMESA Title III

Adv. Proc. No. 19-391-LTS

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230328 ORD RE NATIONAL STAY VERSION MARCH 28, 2023 3

ORDER GRANTING URGENT JOINT MOTION TO STAY 

CERTAIN CONTESTED MATTERS AND ADVERSARY PROCEEDINGS 

RELATED TO BONDS ISSUED BY THE PUERTO RICO ELECTRIC POWER AUTHORITY 

(“PREPA”) WITH RESPECT TO NATIONAL PUBLIC FINANCE GUARANTEE CORPORATION

Upon consideration of the Urgent Joint Motion to Stay Certain Contested Matters 

and Adversary Proceedings related to Bonds Issued by the Puerto Rico Electric Power Authority 

(“PREPA”) with respect to National Public Finance Guarantee Corporation (Docket Entry 

No. 23829 in Case No. 17-3283, Docket Entry No. 3343 in Case No. 17-4780, and Docket Entry 

No. 144 in Adv. Proc. No. 19-391) (the “Motion”),2 and the Court having reviewed the Motion 

and the relief requested; the Court having subject matter jurisdiction to consider the Motion and 

the relief requested therein in accordance with 28 U.S.C. section 1331 and section 306(a) of 

PROMESA, 48 U.S.C. § 2166(a); venue being proper before this Court pursuant to 28 U.S.C. 

section 1391(b) and section 307(a) of PROMESA, 48 U.S.C. § 2167(a); notice of the Motion being 

adequate and proper under the circumstances; no opposition to the Motion having been interposed; 

and after due deliberation and sufficient cause appearing therefor; it is hereby ORDERED that:

1. The Motion is GRANTED as set forth herein.

2. The Court hereby stays, solely with respect to National, and continues any existing 

stays of, the following matters, subject to a further order of the Court, and without prejudice to all 

rights, arguments, claims, and defenses of the parties as they currently exist in such matters:

a. Adv. Proc. No. 19-00391-LTS.

b. Commonwealth Title III, Case No. 17-3283-LTS: Docket Entry Nos. 4009, 22291.

c. PREPA Title III, Case No. 17-4780-LTS: Docket Entry Nos. 975, 2973. 

3. The terms and conditions of this Order shall take immediate effect and be 

2 Capitalized terms not otherwise defined herein shall have the meanings ascribed to such 

terms in the Motion.

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230328 ORD RE NATIONAL STAY VERSION MARCH 28, 2023 4

enforceable upon its entry.

4. In the event that (i) the PREPA plan of adjustment, including any amendment, 

modification or, supplement thereto in accordance with the terms and provisions of the PREPA 

PSA (the “PREPA Plan”), is not confirmed and made effective; (ii) a plan is confirmed that has or 

would have a materially adverse impact on National as compared to the PREPA Plan; or (iii) the 

PREPA PSA is terminated prior to confirmation of the PREPA Plan, then the Parties (or any of 

them) may seek relief from the stays requested herein by motion to the Court.

5. Nothing herein shall or is intended to (i) affect or lift any existing stay of any 

Matter; (ii) affect the continued prosecution through final judgments and appeals of any of the 

listed Matters, to the extent not otherwise stayed, pending the stay herein or after it is lifted; or 

(iii) determine or affect the legal impact of any judgments as against National and PREPA. For the 

avoidance of doubt, and without prejudice to any non-party to the PREPA PSA, National 

acknowledges that such judgments may impact PREPA and National, including if the settlement 

in the PREPA PSA is not approved and not included in a confirmed plan of adjustment.

6. This Court retains jurisdiction to resolve any dispute arising from or related to this 

Order and to interpret, implement, and enforce the provisions of this Order.

7. This Order resolves Docket Entry No. 23829 in Case No. 17-3283, Docket Entry 

No. 3343 in Case No. 17-4780, and Docket Entry No. 144 in Adv. Proc. No. 19-391.

SO ORDERED.

Dated: March 28, 2023

 /s/ Laura Taylor Swain 

LAURA TAYLOR SWAIN 

United States District Judge

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