UNITED STATES DISTRICT COURT

FOR THE DISTRICT OF PUERTO RICO

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In re

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

 as representative of

THE COMMONWEALTH OF PUERTO RICO, et 

al.

Debtor. 

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PROMESA 

Title III

Case No. 17-3283-LTS

 

Court Filing Relates Only to PREPA

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In re

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

 as representative of

PUERTO RICO ELECTRIC POWER 

AUTHORITY (PREPA),*

Debtor. 

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PROMESA 

Title III

Case No. 17-4780-LTS

 

(Jointly Administered)

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URGENT MOTION FOR EXPEDITED CONSIDERATION OF 

URGENT MOTION OF FUEL LINE LENDERS FOR EXAMINATION OF 

OVERSIGHT BOARD UNDER FEDERAL RULE OF BANKRUPTCY 

PROCEDURE 2004 CONCERNING VITOL SETTLEMENT AGREEMENT

*

 The Debtors in these Title III cases, along with each Debtor’s respective Title III case number listed as a 

bankruptcy 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).

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The Fuel Line Lenders submit this urgent motion to request entry of an order, in 

the form attached hereto as Exhibit A (the “Proposed Order”), expediting consideration of the 

Urgent Motion under Federal Rule of Bankruptcy Procedure 2004 to Conduct an Examination of 

the Financial Oversight and Management Board for Puerto Rico Concerning a Settlement 

Between the Oversight Board and Vitol S.A or its Affiliates (the “Rule 2004 Motion”). In support 

of their motion, the Fuel Line Lenders respectfully state as follows: 

JURISDICTION AND VENUE

1. This Court has subject-matter jurisdiction over this matter pursuant to 

PROMESA § 306(a). 48 U.S.C. § 2166(a). Venue is proper pursuant to PROMESA § 307(a). 

48 U.S.C. § 2167(a). 

RELIEF REQUESTED

2. By this urgent motion, the Fuel Line Lenders respectfully request entry of the 

Proposed Order establishing an urgent briefing schedule for the Rule 2004 Motion. 

3. Specifically, the Fuel Line Lenders request entry of an order which would provide 

for the following schedule: (a) objections or responses to the Rule 2004 Motion to be filed no 

later than Monday, November 7, 2022 at 5:00 p.m. (AST); and (b) replies in further support of 

the Rule 2004 Motion to be filed no later than Tuesday, November 8, 2022 at 11:59 p.m. 

(AST). 

BASIS FOR RELIEF REQUESTED

4. Rule 9006(c)(1) of the Federal Rules of Bankruptcy Procedure provides, with 

respect to computation of time, that “the court for cause shown may in its discretion with or 

without motion or notice order the period reduced.” Fed. R. Bankr. P. 9006(c)(1). Likewise, 

Local Rule 9013-1(a) permits a party to request expedited consideration of any motion. 

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5. The Fuel Line Lenders learned for the first time at the November 2, 2022 omnibus 

hearing in these cases that the Oversight Board is contemplating filing a plan by the courtordered deadline of December 1, 2022 for which the only impaired accepting class is Vitol. 

6. Following the November 2 hearing, the Fuel Line Lenders acted expeditiously to 

understand the nature of Vitol’s claim. As discussed in detail in the Rule 2004 Motion, a review 

of the pleadings relating to the Vitol litigation combined with the timing and context for the 

Oversight Board’s revelation raises significant questions about the terms of any settlement 

between the Oversight Board and Vitol and discussions between the two parties relating thereto. 

7. Accordingly, the Fuel Line Lenders have submitted the Rule 2004 Motion in an 

effort to quickly obtain targeted discovery from the Oversight Board to shed light on the nature 

of the settlement that now appears to form a central component of the Oversight Board’s 

forthcoming plan. 

8. The Fuel Line Lenders believe that it is a matter of urgency for parties in interest 

to be able to obtain the requested information. The Court has set a firm deadline of December 1, 

2022 for the Oversight Board to file a plan, and has made clear that it expects the plan to reflect 

serious work toward confirmation, rather than an unconfirmable placeholder. 

9. For the foregoing reasons, the Fuel Line Lenders respectfully request that the 

Court enter the Proposed Order, attached hereto as Exhibit A, requesting the relief requested 

herein and granting such other relief as the Court deems just and proper. 

CERTIFICATION

10. Pursuant to Local Rule 9013-1 and paragraph I.H of the Case Management 

Procedures, the Fuel Line Lenders hereby certify that they have (a) carefully examined the 

matter and concluded that there is a true need for expedited briefing and consideration of the 

Rule 2004 Motion; (b) not created the urgency through a lack of due diligence; (c) made a bona 

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fide effort to resolve the matter without a hearing; (d) made reasonable, good faith 

communications in an effort to resolve or narrow the issues being brought to the court; and 

(e) conferred with counsel for the Oversight Board, who has indicated that they oppose the 

requested relief. 

NOTICE

11. Notice of this motion and the proposed briefing schedule has been provided to 

counsel for the Oversight Board. 

NO PRIOR REQUEST 

12. No previous request for any of the relief requested herein has been made by the 

Fuel Line Lenders to this or any court. 

Dated: November 4, 2022

/s/ Jose L. Ramirez-Coll

Jose L. Ramirez-Coll 

USDC-PR No. 221702 

ANTONETTI MONTALVO & RAMIREZ 

COLL

P.O. Box 13128 

San Juan, Puerto Rico 00908 

Telephone: (787) 977-0303 

Facsimile: (787) 977-0323 

Email: jramirez@amrclaw.com

/s/ Richard G. Mason

Richard G. Mason (admitted pro hac vice) 

Amy R. Wolf (admitted pro hac vice) 

Emil A. Kleinhaus (admitted pro hac vice) 

Angela K. Herring (admitted pro hac vice) 

Michael H. Cassel (admitted pro hac vice) 

WACHTELL, LIPTON, ROSEN & KATZ

51 West 52nd Street 

New York, New York 10019 

Telephone: (212) 403-1000 

Facsimile: (212) 403-2000 

Email: rgmason@wlrk.com 

 arwolf@wlrk.com

 eakleinhaus@wlrk.com 

 akherring@wlrk.com 

 mhcassel@wlrk.com

Attorneys for Cortland Capital Market 

Services LLC, as Administrative Agent

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I HEREBY CERTIFY that on this same date I electronically filed the foregoing with 

the Clerk of the Court using the CM/ECF system which will send electronic notification of such 

filing to all counsel of record. I also hereby certify that the foregoing was served pursuant to the 

Sixteenth Amended Notice, Case Management and Administrative Procedures Order (Docket No. 

20190). 

s/José L. Ramírez-Coll 

José L Ramírez-Coll 

USDC-PR No. 221702 

ANTONETTI MONTALVO & RAMIREZ-COLL

P.O. Box 13128 

San Juan, Puerto Rico 00908 

(787) 977-0312 

email: jramirez@amrclaw.com

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