1

IN THE UNITED STATES DISTRICT COURT

FOR THE DISTRICT OF PUERTO RICO

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

No. 17 BK 3283-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

No. 17 BK 4780-LTS

(Jointly Administered)

NOTICE OF DISTRIBUTION OF 

SETTLEMENT OFFER NOTICE TO UNINSURED BONDHOLDERS

PLEASE TAKE NOTICE that, on December 16, 2022, the Financial Oversight and

Management Board for Puerto Rico (the “Oversight Board”), as sole Title III representative of the 

Puerto Rico Electric Power Authority (“PREPA”) in this Title III case pursuant to section 315(b) of 

the Puerto Rico Oversight, Management and Economic Stability Act (“PROMESA”), filed the Title 

III Plan of Adjustment for the Puerto Rico Electric Power Authority [Case No. 17-bk-1480, ECF 

No. 3110] (as it may be further amended, modified, or supplemented from time to time, the “Plan”)

2

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 

(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).

2 Capitalized terms not defined herein shall have the meaning given to them in the Plan.

9359/33260-022 CURRENT/135772372v4 01/30/2023 4:01 PM

Case:17-03283-LTS Doc#:23434 Filed:01/30/23 Entered:01/30/23 17:26:40 Desc: Main

Document Page 1 of 4
2

and a corresponding Disclosure Statement for Title III Plan of Adjustment for the Puerto Rico 

Electric Power Authority (as it may be further amended, modified, or supplemented from time to 

time, the “Disclosure Statement”) [Case No. 17-bk-1480, ECF No. 3111].

PLEASE TAKE FURTHER NOTICE that the Plan sets forth, in Article IV, the 

provisions for the treatment of Settling Bondholders. 

PLEASE TAKE FURTHER NOTICE that, as set forth in the Plan, a Settling Bondholder 

is defined as a Holder of Uninsured PREPA Revenue Bond Claims that is not a Monoline Insurer 

that submits to the Solicitation Agent by the Settlement Offer Deadline an Election of Settlement 

Class Signature Page, thereby becoming party to a settlement agreement with respect to, among 

other things, the terms of the Plan’s treatment of such signatory’s PREPA Revenue Bond Claims 

and the signatory’s covenants and agreements with respect to the Oversight Board’s efforts to 

confirm the Plan.

PLEASE TAKE FURTHER NOTICE that, on January 27, 2023, the Oversight Board 

distributed, through The Depository Trust Company (“DTC”), to each holder of Uninsured PREPA 

Revenue Bonds, that certain Notice to Holders of Uninsured Bonds of PREPA Regarding 

Opportunity for Uninsured Bondholders to Become Party to Settlement Agreement, attached hereto 

as Schedule 1 (the “Settlement Offer Notice”), pursuant to which each such holder may become a 

Settling Bondholder as described in the Plan. 

PLEASE TAKE FURTHER NOTICE that, as set forth in the Settlement Offer Notice, the 

deadline by which a holder of Uninsured PREPA Revenue Bonds must return their Election of 

Settlement Class Signature Page via DTC to the Solicitation Agent to bind the signatory and the 

Oversight Board to the terms of the Settlement Agreement attached as Exhibit B to the Settlement 

Case:17-03283-LTS Doc#:23434 Filed:01/30/23 Entered:01/30/23 17:26:40 Desc: Main

Document Page 2 of 4
3

Offer Notice is February 24, 2023 at 5:00 p.m. (Eastern Standard Time) (the “Offer Deadline”).

3

PLEASE TAKE FURTHER NOTICE that the Settlement Offer Notice can be accessed 

on the Solicitation Agent’s website for the PREPA Title III case at 

https://cases.ra.kroll.com/puertorico/Home-DocketInfo.

DATED: January 30, 2023 

/s/ Paul V. Possinger

Martin J. Bienenstock 

Paul V. Possinger 

Ehud Barak 

Daniel S. Desatnik 

(Admitted Pro Hac Vice) 

PROSKAUER ROSE LLP

Eleven Times Square 

New York, NY 10036 

Tel: (212) 969-3000 

Fax: (212) 969-2900 

Email: mbienenstock@proskauer.com 

ppossinger@proskauer.com 

ebarak@proskauer.com 

ddesatnik@proskauer.com 

Attorneys for the Financial 

Oversight and Management Board 

as representative for PREPA

/s/ Hermann D. Bauer

Hermann D. Bauer 

USDC No. 215205 

O’NEILL & BORGES LLC 

250 Muñoz Rivera Ave., Suite 800 

San Juan, PR 00918-1813 

Tel: (787) 764-8181 

Fax: (787) 753-8944 

Email: hermann.bauer@oneillborges.com 

Co-Attorney for the Financial Oversight 

and Management Board as representative 

for PREPA

3 The Offer Deadline is also the Settlement Offer Deadline as defined in the Plan; any future Plans and Disclosure 

Statements filed by the Oversight Board shall reflect that the Settlement Offer Deadline is February 24, 2023 at 5:00 

p.m (Eastern Standard Time).

Case:17-03283-LTS Doc#:23434 Filed:01/30/23 Entered:01/30/23 17:26:40 Desc: Main

Document Page 3 of 4
Schedule 1

Settlement Offer Notice

Case:17-03283-LTS Doc#:23434 Filed:01/30/23 Entered:01/30/23 17:26:40 Desc: Main

Document Page 4 of 4