Hearing Date: February 15, 2018 at 9:30 a.m. (Atlantic Standard Time)

UNITED STATES DISTRICT COURT 

DISTRICT OF PUERTO RICO

-------------------------------------------------------------x

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

as representative of

THE COMMONWEALTH OF PUERTO RICO, et al.

Debtors.1

-------------------------------------------------------------x

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

as representative of

PUERTO RICO ELECTRIC POWER AUTHORITY 

(“PREPA”),

Debtor.

-------------------------------------------------------------x

PROMESA

Title III

No. 17 BK 3283-LTS

(Jointly Administered)

PROMESA

Title III

No. 17 BK 4780-LTS

Court Filing Relates Only to PREPA 

and Shall Only be Filed in Case No. 

17-BK-4780 (LTS)

URGENT INFORMATIVE MOTION OF THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO WITHDRAWING REQUEST FOR 

INTERIM FINANCING WITH RESPECT TO THE URGENT JOINT MOTION OF THE 

FINANCIAL OVERSIGHT AND MANAGEMENT BOARD FOR PUERTO RICO AND

THE PUERTO RICO FISCAL AGENCY AND FINANCIAL ADVISORY AUTHORITY 

FOR ENTRY OF INTERIM AND FINAL ORDERS (A) AUTHORIZING 

POSTPETITION SECURED FINANCING, (B) GRANTING PRIMING LIENS AND 

PROVIDING SUPERPRIORITY ADMINISTRATIVE EXPENSE CLAIMS, (C) 

MODIFYING THE AUTOMATIC STAY, 

(D) SCHEDULING A FINAL HEARING, AND (E) GRANTING RELATEDRELIEF

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

listed as a bankruptcy case number due to software limitations 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) 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); (iv) Puerto Rico Highways and Transportation Authority (“HTA”) 

(Bankruptcy Case No. 17 BK 3567-LTS) (Last Four Digits of Federal Tax ID: 3808); and (v) 

Puerto Rico Electric Power Authority (“PREPA”) (Bankruptcy Case No. 17 BK 4780 (LTS)) (Last 

Four Digits of Federal Tax ID: 3747).

Case:17-03283-LTS Doc#:2399 Filed:02/04/18 Entered:02/04/18 13:06:06 Desc: Main

Document Page 1 of 4
1

To The Honorable United States District Court Judge Laura Taylor Swain:

The Puerto Rico Electric Power Authority (“PREPA” or the “Debtor”), by and through the 

Financial Oversight and Management Board for Puerto Rico (the “Oversight Board”), as the Debtor’s 

representative pursuant to section 315(b) of the Puerto Rico Oversight, Management, and Economic 

Stability Act (“PROMESA”),2respectfully submits this urgent informative motion (the “Urgent 

Motion”) pursuant to sections 105(a) and 364(d) of title 11 of the United States Code (the 

“Bankruptcy Code”), made applicable to the Debtor’s title III case pursuant to PROMESA section 

301(a), and in compliance with the Order Further Amending Case Management Procedures [Case 

No. 17-3283, Docket No. 1512] (the “Case Management Procedures”) and Puerto Rico Local 

Bankruptcy Rule 9013-1 (“Local Rule 9013-1”), withdrawing its request for interim financing in 

connection with the Urgent Joint Motion of the Financial Oversight and Management Board for 

Puerto Rico and the Puerto Rico Fiscal Agency and Financial Advisory Authority for Entry of Interim 

and Final Orders (A) Authorizing Postpetition Secured Financing, (B) Granting Priming Liens and 

Providing Superpriority Administrative Expense Claims, (C) Modifying the Automatic Stay, (D) 

Scheduling a Final Hearing, and (E) Granting Related Relief [ECF No. 549] (the “Postpetition 

Financing Motion”). In support of this Urgent Informative Motion, the Debtor respectfully represents 

as follows:

2 PROMESA is codified at 48 U.S.C. §§ 2101-2241.

Case:17-03283-LTS Doc#:2399 Filed:02/04/18 Entered:02/04/18 13:06:06 Desc: Main

Document Page 2 of 4
2

Jurisdiction and Venue

1. The Court has subject-matter jurisdiction over this Urgent Informative Motion 

pursuant to PROMESA section 306(a).

2. Venue is proper in this district pursuant to PROMESA section 307(a).

Background

3. On January 27, 2018, the Oversight Board, together with the Puerto Rico Fiscal 

Agency and Financial Advisory Authority (“AAFAF”), filed the Postpetition Financing Motion 

to resolve an urgent liquidity crisis at PREPA. Dkt. 549.

4. At the time that the Postpetition Financing Motion was filed, the Oversight Board 

believed that the final hearing on the Postpetition Financing Motion might not occur until late 

February or early March, which would leave PREPA with a potential gap in liquidity. 

Accordingly, the Oversight Board included a request for interim emergency financing in their 

Postpetition Financing Motion.

5. On February 2, 2018, the Court entered an order which, inter alia, scheduled a 

final hearing on the Postpetition Financing Motion for February 15, 2018. Dkt. 616.

6. In light of the Court’s order, the Oversight Board believes that interim emergency 

financing is no longer necessary. Accordingly, the Oversight Board withdraws its request for 

interim emergency financing and plans to proceed with the final hearing in New York on 

February 15, 2018, per the Court’s order.

Reservation of Rights

7. PREPA and the Oversight Board reserve all rights with respect to the Postpetition 

Financing Motion, and nothing in this Urgent Informative Motion should be considered a waiver 

of any argument.

Case:17-03283-LTS Doc#:2399 Filed:02/04/18 Entered:02/04/18 13:06:06 Desc: Main

Document Page 3 of 4
3

Dated: February 4, 2018

San Juan, Puerto Rico

Respectfully submitted,

/s/ Martin J. Bienenstock

Martin J. Bienenstock (pro hac vice) 

Paul V. Possinger (pro hac vice) 

Ehud Barak (pro hac vice)

Maja Zerjal (pro hac vice)

PROSKAUER ROSE LLP

Eleven Times Square 

New York, NY 10036 

Tel: (212) 969-3000

Fax: (212) 969-2900

Attorneys for the Financial Oversight and 

Management Board as representative for the 

Debtor

/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

Co-Attorneys for the Financial Oversight and 

Management Board as representative for the 

Debtor

Case:17-03283-LTS Doc#:2399 Filed:02/04/18 Entered:02/04/18 13:06:06 Desc: Main

Document Page 4 of 4