UNITED STATES DISTRICT COURT

FOR THE DISTRICT OF PUERTO RICO

INFORMATIVE MOTION REGARDING ESTIMATED CLAIM AMOUNTS FOR 

CLASSES 1 AND 2 OF THE MODIFIED SECOND AMENDED TITLE III PLAN

OF ADJUSTMENT OF THE PUERTO RICO ELECTRIC POWER AUTHORITY 

To the Honorable United States District Judge Laura Taylor Swain:

1. On March 1, 2023, the Financial Oversight and Management Board for Puerto Rico 

(the “Oversight Board”) as sole representative of the Puerto Rico Electric Power Authority

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 (Bankruptcy Case No. 17-bk-3284-LTS) (Last Four Digits of Federal Tax ID: 8474); 

(iii) Puerto Rico Highways and Transportation Authority (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 (Bankruptcy Case No. 17-bk-3566-LTS) (Last Four Digits of Federal Tax ID: 9686); (v) Puerto Rico 

Electric Power Authority (Bankruptcy Case No. 17-bk-4780-LTS) (Last Four Digits of Federal Tax ID: 3747); and 

(vi) Puerto Rico Public Buildings Authority (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-bk-3283-LTS

(Jointly Administered)

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO, 

as a representative of

PUERTO RICO ELECTRIC POWER AUTHORITY,

Debtor.

PROMESA Title III

Case No. 17-bk-4780-LTS

Case:17-03283-LTS Doc#:23682 Filed:03/03/23 Entered:03/03/23 16:54:33 Desc: Main

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(“PREPA” or the “Debtor”) in this Title III case pursuant to section 315(b) of the Puerto Rico 

Oversight, Management and Economic Stability Act (“PROMESA”),2filed the following:

a. Modified Second Amended Title III Plan of Adjustment of the Puerto Rico 

Electric Power Authority [Case No. 17-4780, ECF No. 3296]

3

(the “Modified 

Second Amended Plan”); and 

b. Disclosure Statement for Modified Second Amended Title III Plan of 

Adjustment of the Puerto Rico Electric Power Authority [ECF No. 3297] (the 

“Modified Disclosure Statement”).

2. On March 3, 2023, the Court entered the Order (I) Approving Disclosure Statement, 

(II) Fixing Voting Record Date, (III) Approving Confirmation Hearing Notice and Confirmation 

Schedule, (IV) Approving Solicitation Packages and Distribution Procedures, (V) Approving 

Forms of Ballots and Voting and Election Procedures, (VI) Approving Notice of Non-voting Status, 

(VII) Fixing Voting, Election, and Confirmation Deadlines, and (VIII) Approving Vote Tabulation 

Procedures [ECF No. 3304] (the “Disclosure Statement Order”).4

3. The Modified Second Amended Plan, Modified Disclosure Statement, and 

Disclosure Statement Order provide the following:

a. the claim amount for Class 1 (Settling Bondholder Claims) is estimated at 

$74,900,593.18;

5

and

b. the claim amount for Class 2 (Non-Settling Bondholder and Non-Settling 

Monoline Claims) is estimated at $7,565,470,824.09.

6

4. The Modified Disclosure Statement also contains projected recovery percentages

(the “Projected Recovery Percentages”), which account for the estimated claim amounts for Class 

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

3 Unless otherwise stated, all ECF Nos. shall refer to the docket in Case No. 17-4780. 

4 Capitalized terms not otherwise defined herein shall have the meanings given to such terms in the Modified Second 

Amended Plan, Modified Disclosure Statement, or Disclosure Statement Order, as applicable.

5 Modified Second Amended Plan, Article XVIII; Modified Disclosure Statement, pp. 4 n. 11, 28, 267; Disclosure 

Statement Order ¶ 40.

6 Modified Disclosure Statement, p. 29; Disclosure Statement Order ¶ 40.

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1 (Settling Bondholder Claims) and Class 2 (Non-Settling Bondholder and Non-Settling Monoline 

Claims). Modified Disclosure Statement, §§ II.B and VI.E.

5. Upon further reconciliation following the Settlement Offer Deadline, the 

Solicitation Agent identified an additional, timely tender of an Uninsured Bond Claim (the 

“Additional Tender”) that was inadvertently rejected. As a result of the Additional Tender, the 

estimated claim amount for Class 1 (Settling Bondholder Claims) is now $74,972,430.68 and Class 

2 (Non-Settling Bondholder and Non-Settling Monoline Claims) is now $7,565,398,986.59 (the 

“Updated Estimated Claim Amounts”).

6. Accordingly, the Oversight Board intends to revise the Modified Second Amended 

Plan and Modified Disclosure Statement included in the Solicitation Package to reflect the Updated 

Estimated Claim Amounts, as necessary. Given the relatively small amount of the Additional 

Tender, the Projected Recovery Percentages in the Modified Disclosure Statement remain 

accurate. 

7. The Oversight Board also intends to use the Updated Estimated Claim Amounts, as 

applicable, as the deemed allowed amounts for PREPA Revenue Bond Claims in Class 1 (Settling 

Bondholder Claims) and Class 2 (Non-Settling Bondholder and Non-Settling Monoline Claims)

solely for purposes of tabulating votes to accept or reject the Plan. The Vote Tabulation prepared 

by the Solicitation Agent will contain an explanation of this change. 

[Remainder of Page Left Intentionally Blank] 

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Dated: March 3, 2023

 San Juan, Puerto Rico

Respectfully submitted,

/s/ Martin J. Bienenstock

Martin J. Bienenstock 

Ehud Barak

Margaret A. Dale

Jeffrey W. Levitan 

Michael T. Mervis

Daniel S. Desatnik

Elliot R. Stevens

(Admitted Pro Hac Vice)

PROSKAUER ROSE LLP

Eleven Times Square

New York, NY 10036

Tel: (212) 969-3000

Fax: (212) 969-2900

Paul V. Possinger

(Admitted Pro Hac Vice)

PROSKAUER ROSE LLP

70 West Madison, Suite 3800 

Chicago, IL 60602

Tel: (312) 962-3550

Fax: (312) 962-3551

Attorneys for the Financial 

Oversight and Management Board 

as sole Title III representative for PREPA

 O’NEILL & BORGESS LLC

/s/ Hermann D. Bauer

Hermann D. Bauer

USDC No. 215205 

250 Muñoz Rivera Ave.,Suite 800 

San Juan, PR 00918-1813 

Tel: (787) 764-8181 

Fax: (787) 753-8944

Attorneys for the Financial 

Oversight and Management Board 

as representative for PREPA

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CERTIFICATE OF SERVICE

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 notifications of such filing to all CM/ECF 

participants in this case.

/s/Hermann D. Bauer

Hermann D. Bauer

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