Hearing Date: February 7, 2018 at 9:30 a.m. (AST) 

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., 

Debtors.1

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PROMESA 

Title III 

Case No. 17-bk-03283 (LTS) 

(Jointly Administered) 

ERS SECURED CREDITORS’ RESERVATION OF RIGHTS WITH RESPECT TO THE 

MOTION FOR ORDER (A) ESTABLISHING DEADLINES AND PROCEDURES 

FOR FILING PROOFS OF CLAIM AND (B) APPROVING 

FORM AND MANNER OF NOTICE THEREOF 

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

The undersigned group of secured creditors (the “ERS Bondholders”)2 of the Employees 

Retirement System of the Government of the Commonwealth of Puerto Rico (the “ERS”), 

 1

 The Debtors in these Title III Cases, along with the Bankruptcy Court case number and the last four 

digits of each Debtor’s federal tax identification number, as applicable, are (i) The Commonwealth of Puerto Rico 

(Bankr. Case No. 17-bk-3283 (LTS)) (Last Four Digits of Fed. Tax ID: 3481); (ii) The Employees Retirement 

System of the Government of the Commonwealth of Puerto Rico (“ERS”) (Bankr. Case No. 17-bk-3566 (LTS)) 

(Last Four Digits of Fed. Tax ID: 9686); (iii) Puerto Rico Sales Tax Financing Corporation (Bankr. Case No. 17-bk3284 (LTS)) (Last Four Digits of Fed. Tax ID: 8474); (iv) Puerto Rico Highways and Transportation Authority 

(Bankr. Case No. 17-bk-3567 (LTS)) (Last Four Digits of Fed. Tax ID: 3808). 

2

 Altair Global Credit Opportunities Fund (A), LLC; Andalusian Global Designated Activity Company; 

Glendon Opportunities Fund, L.P.; Mason Capital Master Fund LP; Nokota Capital Master Fund, L.P.; OaktreeForrest Multi-Strategy, LLC (SERIES B); Oaktree Opportunities Fund IX, L.P.; Oaktree Opportunities Fund IX 

(PARALLEL 2), L.P.; Oaktree Value Opportunities Fund, L.P.; Ocher Rose, L.L.C.; Puerto Rico AAA Portfolio 

Bond Fund, Inc.; Puerto Rico AAA Portfolio Bond Fund II, Inc.; Puerto Rico AAA Portfolio Target Maturity Fund, 

Inc.; Puerto Rico Fixed Income Fund, Inc.; Puerto Rico Fixed Income Fund II, Inc.; Puerto Rico Fixed Income Fund 

III, Inc.; Puerto Rico Fixed Income Fund IV, Inc.; Puerto Rico Fixed Income Fund V, Inc.; Puerto Rico GNMA & 

U.S. Government Target Maturity Fund, Inc.; Puerto Rico Investors Bond Fund I; Puerto Rico Investors Tax-Free 

Fund, Inc.; Puerto Rico Investors Tax-Free Fund, Inc., II; Puerto Rico Investors Tax-Free Fund III, Inc.; Puerto Rico 

Investors Tax-Free Fund IV, Inc.; Puerto Rico Investors Tax-Free Fund V, Inc.; Puerto Rico Investors Tax-Free 

Fund VI, Inc.; Puerto Rico Mortgage-Backed & U.S. Government Securities Fund, Inc.; SV Credit, L.P.; Tax-Free 

Puerto Rico Fund, Inc.; Tax-Free Puerto Rico Fund II, Inc.; and Tax-Free Puerto Rico Target Maturity Fund, Inc. 

Case:17-03283-LTS Doc#:2287 Filed:01/25/18 Entered:01/25/18 17:54:54 Desc: Main

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respectfully submit this reservation of rights with respect to the Motion for Order (A) Establishing 

Deadlines and Procedures for Filing Proofs of Claim and (B) Approving Form and Manner of 

Notice Thereof [ECF # 2255] (the “Bar Date Motion”). In support of this reservation of rights, 

the ERS Bondholders respectfully state as follows: 

RESERVATION OF RIGHTS 

 Pursuant to an agreement with Debtors, the deadline for objecting to the Bar Date Motion 

was extended for the ERS Bondholders from January 23, 2018 at 4:00 p.m. (Atlantic Standard 

Time) to January 25, 2018 at 5:00 p.m. (Eastern Standard Time). This extension enabled the 

parties to continue negotiations with respect to the ERS Bondholders’ concerns that intergovernmental claims were not exempted from the bar dates in the proposed form of order 

appended to the Bar Date Motion. The Debtors have informed the ERS Bondholders that they 

intend to file a revised proposed form of order which will exempt inter-debtor claims and claims 

by a covered territorial instrumentality against a debtor from the applicable bar dates (the 

“Revised Proposed Order”). The ERS Bondholders do not object to the Revised Proposed Order, 

but reserve the right to object should additional modifications be made to the Revised Proposed 

Order. 

 

 

Case:17-03283-LTS Doc#:2287 Filed:01/25/18 Entered:01/25/18 17:54:54 Desc: Main

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In San Juan, Puerto Rico, today January 25, 2018. 

By: 

/s/ Alfredo Fernández-Martínez /s/ Bruce Bennett_____________

Alfredo Fernández-Martínez

DELGADO & FERNÁNDEZ, LLC

PO Box 11750 

Fernández Juncos Station 

San Juan, Puerto Rico 00910-1750 

Tel. (787) 274-1414 

Fax: (787) 764-8241 

afernandez@delgadofernandez.com

USDC-PR 210511 

Counsel for Altair Global Credit

Opportunities Fund (A), LLC, Andalusian

Global Designated Activity Company, 

Glendon Opportunities Fund, L.P., Mason 

Capital Management, LLC, Nokota Capital

Master Fund, L.P., Oaktree-Forrest MultiStrategy, LLC (Series B), Oaktree

Opportunities Fund IX, L.P., Oaktree

Opportunities Fund IX (Parallel 2), L.P.,

Oaktree Value Opportunities Fund, L.P.,

Ocher Rose, L.L.C., and SV Credit, L.P.

Bruce Bennett (pro hac vice) 

JONES DAY 

555 South Flower Street

Fiftieth Floor 

Los Angeles, California 90071 

Tel. (213) 489-3939 

Fax: (213) 243-2539 

bbennett@jonesday.com 

Benjamin Rosenblum (pro hac vice) 

JONES DAY 

250 Vesey Street 

New York, NY 10281 

Tel. (212) 326-3939 

Fax: (212) 755-7306 

brosenblum@jonesday.com 

Geoffrey S. Stewart (pro hac vice) 

Beth Heifetz (pro hac vice) 

Christopher DiPompeo (pro hac vice) 

JONES DAY 

51 Louisiana Ave. N.W. 

Washington, DC 20001 

Tel. (202) 879-3939 

Fax: (202) 626-1700 

gstewart@jonesday.com

bheifetz@jonesday.com

cdipompeo@jonesday.com 

Counsel for Altair Global Credit

Opportunities Fund (A), LLC, Andalusian

Global Designated Activity Company, 

Glendon Opportunities Fund, L.P., Mason 

Capital Management, LLC, Nokota Capital

Master Fund, L.P., Oaktree-Forrest MultiStrategy, LLC (Series B), Oaktree

Opportunities Fund IX, L.P., Oaktree

Opportunities Fund IX (Parallel 2), L.P.,

Oaktree Value Opportunities Fund, L.P.,

Ocher Rose, L.L.C., and SV Credit, L.P. 

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/s/ Alicia I. Lavergne-Ramírez /s/ Jason Zakia 

José C. Sánchez-Castro

USDC-PR 213312 

jsanchez@sanpir.com 

Alicia I. Lavergne-Ramírez

USDC-PR 215112 

alavergne@sanpir.com 

Maraliz Vázquez-Marrero

USDC-PR 225504 

mvazquez@sanpir.com 

SÁNCHEZ PIRILLO LLC 

270 Muñoz Rivera Avenue, Suite 1110 San 

Juan, PR 00918 

Tel. (787) 522-6776 

Fax: (787) 522-6777 

Counsel for Puerto Rico AAA Portfolio Bond 

Fund, Inc., Puerto Rico AAA Portfolio Bond 

Fund II, Inc., Puerto Rico AAA Portfolio 

Target Maturity Fund, Inc., Puerto Rico 

Fixed Income Fund, Inc., Puerto Rico Fixed 

Income Fund II, Inc., Puerto Rico Fixed 

Income Fund III, Inc., Puerto Rico Fixed 

Income Fund IV, Inc., Puerto Rico Fixed 

Income Fund V, Inc., Puerto Rico GNMA & 

U.S. Government Target Maturity Fund, 

Inc., Puerto Rico Investors Bond Fund I, 

Puerto Rico Investors Tax-Free Fund, Inc., 

Puerto Rico Investors Tax-Free Fund II, 

Inc., Puerto Rico Investors Tax-Free Fund 

III, Inc., Puerto Rico Investors Tax-Free 

Fund IV, Inc., Puerto Rico Investors TaxFree Fund V, Inc., Puerto Rico Investors 

Tax- Free Fund VI, Inc., Puerto Rico

Mortgage-Backed & U.S. Government

Securities Fund, Inc., Tax-Free Puerto Rico 

Fund, Inc., Tax-Free Puerto Rico Fund II, 

Inc., and Tax-Free Puerto Rico Target 

Maturity Fund, Inc.

Glenn M. Kurtz (pro hac vice) 

John K. Cunningham (pro hac vice) 

WHITE & CASE LLP 

1221 Avenue of the Americas New 

York, NY 10036 

Tel. (212) 819-8200 

Fax (212) 354-8113 

gkurtz@whitecase.com

jcunningham@whitecase.com

Jason N. Zakia (pro hac vice) WHITE 

& CASE LLP 

200 S. Biscayne Blvd., Suite 4900 

Miami, FL 33131 

Tel. (305) 371-2700 

Fax (305) 358-5744 

jzakia@whitecase.com 

Counsel for Puerto Rico AAA Portfolio Bond 

Fund, Inc., Puerto Rico AAA Portfolio Bond 

Fund II, Inc., Puerto Rico AAA Portfolio 

Target Maturity Fund, Inc., Puerto Rico 

Fixed Income Fund, Inc., Puerto Rico Fixed 

Income Fund II, Inc., Puerto Rico Fixed 

Income Fund III, Inc., Puerto Rico Fixed 

Income Fund IV, Inc., Puerto Rico Fixed 

Income Fund V, Inc., Puerto Rico GNMA & 

U.S. Government Target Maturity Fund, Inc., 

Puerto Rico Investors Bond Fund I, Puerto 

Rico Investors Tax-Free Fund, Inc., Puerto

Rico Investors Tax-Free Fund II, Inc., Puerto 

Rico Investors Tax-Free Fund III, Inc., 

Puerto Rico Investors Tax-Free Fund IV, 

Inc., Puerto Rico Investors Tax-Free Fund V, 

Inc., Puerto Rico Investors Tax- Free Fund 

VI, Inc., Puerto Rico

Mortgage-Backed & U.S. Government

Securities Fund, Inc., Tax-Free Puerto Rico 

Fund, Inc., Tax-Free Puerto Rico Fund II, 

Inc., and Tax-Free Puerto Rico Target 

Maturity Fund, Inc. 

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