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 

Case No. 17-BK-3283-LTS 

(Jointly Administered) 

In re: 

THE FINANCIAL OVERSIGHT AND MANAGEMENT 

BOARD FOR PUERTO RICO, 

as representative of 

THE PUERTO RICO ELECTRIC POWER AUTHORITY, 

Debtor. 

Case No. 17-BK-4780-LTS 

JOINT URGENT MOTION OF THE AD HOC GROUP OF PREPA BONDHOLDERS, 

ASSURED GUARANTY CORP., ASSURED GUARANTY MUNICIPAL CORP., 

SYNCORA GUARANTEE, INC., U.S. BANK NATIONAL ASSOCIATION AS PREPA 

BOND TRUSTEE, AND THE FINANCIAL OVERSIGHT AND MANAGEMENT 

BOARD FOR PUERTO RICO FOR AN EXTENSION OF 

CERTAIN CONFIRMATION DEADLINES 

 

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). 

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

The Ad Hoc Group of PREPA Bondholders (“Ad Hoc Group”), Assured Guaranty Corp. 

and Assured Guaranty Municipal Corp. (“Assured”), Syncora Guarantee Inc. (“Syncora”), U.S. 

Bank National Association as PREPA Bond Trustee (the “Trustee,” and collectively, 

“Bondholders”), and the Financial Oversight and Management Board for Puerto Rico (the 

“Oversight Board”), as the sole Title III representative of the Puerto Rico Electric Power Authority 

(“PREPA” or the “Debtor”), respectfully submit this urgent motion (the “Motion”) requesting the 

entry of an order, substantially in the form annexed hereto as Exhibit A (the “Stipulation and 

Proposed Order”) extending deadlines (i) for objections to the Plan of Adjustment (to June 12, 

2023); (ii) for the Oversight Board’s memorandum of law in support of plan confirmation, the 

Oversight Board’s omnibus reply to plan objections, the Oversight Board’s initial proposed 

findings of fact and conclusions of law, any party’s statement or joinder in support of the plan of 

adjustment, all parties’ witness declarations, and vote tabulation (all to June 26, 2023); (iii) for 

objections to the vote tabulation and to the proposed findings of fact and conclusions of law (to 

July 3, 2023); and (iv) for the Oversight Board’s reply to objections to the vote tabulation and 

proposed findings of fact and conclusions of law (to July 10, 2023). The requested deadline 

extensions shall have no effect on any other deadlines, including the scheduled commencement of 

the confirmation hearing on July 17, 2023. 

JURISDICTION AND VENUE 

1. The Court has subject matter jurisdiction pursuant to PROMESA § 306(a). 

2. Venue is proper pursuant to PROMESA § 307(a). 

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RELIEF REQUESTED 

3. Counsel to the Oversight Board and to the Bondholders (the “Movants”) will be 

participating in the Section 502 Proceeding taking place on June 6-8, 2023. See ECF 234, Adv. 

Proc. No. 19-00391-LTS. The Movants need adequate time to prepare and present arguments and 

expert testimony at that hearing. Moreover, the Bondholders are currently scheduled to file 

objections to confirmation of the plan of adjustment on the Section 502 Proceeding’s second day, 

on June 7, 2023. The Bondholders requested an extension of that deadline, and the Oversight Board 

had no objection to the extension so long as certain corresponding deadlines were also moved. 

4. The Movants thus respectfully request that the Court extend certain deadlines 

related to the confirmation of the plan, specifically: 

a. to extend from June 7, 2023 to June 12, 2023, the deadline for parties to 

file objections to confirmation of the plan of adjustment; 

b. to extend from June 21, 2023 to June 26, 2023, the deadline for the Debtor 

to file (1) a memorandum of law in support of confirmation of the Plan; (2) an omnibus 

reply to Plan Objections and objections to the Proposed Confirmation Order; (3) witness 

declarations; (4) vote tabulation; and (5) initial proposed findings of fact and conclusions 

of law; as well as for parties in interest to file statements or joinders in support of 

confirmation of the Plan and for non-Debtor parties to file witness declarations; 

c. to extend, from June 28, 2023 to July 3, 2023, the deadline for parties in 

interest to file objections to the vote tabulation and proposed findings of fact and 

conclusions of law; 

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d. to extend from July 5, 2023 to July 10, 2023 the deadline for the Debtor to 

reply to objections to the vote tabulation and proposed findings of fact and conclusions of 

law. 

5. No other deadlines would be affected by these deadline extensions, including the 

dates scheduled for the confirmation hearing beginning on July 17, 2023. 

CERTIFICATION OF COMPLIANCE 

6. Pursuant to Local Rule 9013-1 and paragraph I.H of the Sixteenth Amended Case 

Management Procedures, the Movants hereby certify that they has (a) carefully examined the 

matter and concluded that there is a true need for an urgent hearing; (b) not created the urgency 

through any lack of due diligence; (c) made a bona fide effort to resolve the matter without a 

hearing; and (d) made reasonable, good-faith communications in an effort to resolve or narrow the 

issues that are being brought to the Court. 

7. On May 25, 2023, counsel for the Ad Hoc Group of PREPA Bondholders contacted 

counsel for the following parties and asked them whether they objected to the relief sought herein: 

(i) the Ad Hoc Committee of National Claim Assignees; (ii) the Official Committee of Unsecured 

Creditors; (iii) Unión de Trabajadores de la Industria Eléctrica y Riego, Inc.; (iv) Sistema de Retiro 

de Empleados de la Autoridad de Energía Eléctrica; (v) PV Properties, Inc.; (vi) Instituto de 

Competitividad y Sostenibilidad Economica de Puerto Rico; and (vii) Comité Diálogo Ambiental, 

Inc., El Puente de Williamsburg, Inc.-Enlace de Acción Climática, Comité Yabucoeño ProCalidad de Vida, Inc., Alianza Comunitaria Ambientalista del Sureste, Inc., Sierra Club Puerto 

Rico, Inc., Mayagüezanos por la Salud y el Ambiente, Inc., Coalición de Organizaciones Anti 

Incineración, Inc., and Amigos del Río Guaynabo, Inc. As of the filing of this Motion, no party 

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has objected to this Motion, nor has any party indicated whether they consent to, or oppose, this 

Motion. 

WHEREFORE the Movants respectfully request that the Court take notice of this 

Informative Motion and so order the Stipulation and Proposed Agreed order which is attached as 

Exhibit A. 

We hereby certify that, on this same date, we electronically filed the foregoing with the 

clerk of the Court using the CM/ECF system, which will notify the attorneys of record. 

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Dated: San Juan, Puerto Rico 

 May 25, 2023 

TORO COLÓN MULLET P.S.C. 

/s/ Manuel Fernández-Bared 

Manuel Fernández-Bared 

USDC-PR No. 204,204 

P.O. Box 195383 

San Juan, PR 00919-5383 

Tel.: (787) 751-8999 

Fax: (787) 763-7760 

E-mail: mfb@tcm.law 

/s/ Linette Figueroa-Torres 

Linette Figueroa-Torres 

USDC-PR No. 227,104 

E-mail: lft@tcm.law 

/s/ Nayda Perez-Roman 

Nayda Perez-Roman 

USDC–PR No. 300,208 

E-mail: nperez@tcm.law 

Counsel for the Ad Hoc Group of PREPA 

Bondholders 

KRAMER LEVIN 

NAFTALIS & FRANKEL LLP 

/s/ Amy Caton 

Amy Caton* 

Thomas Moers Mayer* 

Alice J. Byowitz* 

1177 Avenue of the Americas 

New York, New York 10036 

Tel.: (212) 715-9100 

Fax: (212) 715-8000 

Email: acaton@kramerlevin.com 

tmayer@kramerlevin.com 

abyowitz@kramerlevin.com 

Gary A. Orseck* 

Matthew M. Madden* 

2000 K Street NW, 4th Floor 

Washington, DC 20006 

Tel: (202) 775-4500 

Fax: (202) 775-4510 

Email: gorseck@kramerlevin.com 

mmadden@kramerlevin.com 

*Admitted Pro Hac Vice 

Counsel for the Ad Hoc Group of PREPA 

Bondholders

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CASELLAS ALCOVER & BURGOS P.S.C. 

By: /s/ Heriberto Burgos Pérez 

Heriberto Burgos Pérez 

USDC-PR No. 204,809 

Ricardo F. Casellas-Sánchez 

USDC-PR No. 203,114 

Diana Pérez-Seda 

USDC–PR No. 232,014 

P.O. Box 364924 

San Juan, PR 00936-4924 

Tel.: (787) 756-1400 

Fax: (787) 756-1401 

E-mail: hburgos@cabprlaw.com 

 rcasellas@cabprlaw.com 

 dperez@cabprlaw.com 

Counsel for Assured Guaranty Corp. and Assured 

Guaranty Municipal Corp. 

CADWALADER, WICKERSHAM & 

TAFT LLP 

By: /s/ William J. Natbony 

Howard R. Hawkins, Jr.* 

Mark C. Ellenberg* 

Casey J. Servais* 

William J. Natbony* 

Thomas J. Curtin* 

200 Liberty Street 

New York, New York 10281 

Tel.: (212) 504-6000 

Fax: (212) 406-6666 

Email: howard.hawkins@cwt.com 

 mark.ellenberg@cwt.com 

 casey.servais@cwt.com 

 bill.natbony@cwt.com 

 thomas.curtin@cwt.com 

 

*Admitted Pro Hac Vice 

Counsel for Assured Guaranty Corp. and 

Assured Guaranty Municipal Corp. 

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REICHARD & ESCALERA, LLC

By: /s/ Rafael Escalara 

Rafael Escalara 

USDC-PR No. 122,609 

/s/ Sylvia M. Arizmendi 

Sylvia M. Arizmendi 

USDC-PR No. 210,714 

/s/ Carlos R. Rivera-Ortiz 

Carlos R. Rivera-Ortiz 

USDC–PR No. 303,409 

255 Ponce de León Avenue 

MCS Plaza, 10th Floor 

San Juan, PR 00917-1913 

Tel.: (787) 777-8888 

Fax: (787) 765-4225 

E-mail: escalara@reichardescalera.com 

 arizmendis@reichardescalera.com 

 riverac@reichardescalera.com 

 

Counsel for Syncora Guarantee, Inc. 

QUINN EMANUEL URQUHART & 

SULLIVAN, LLP 

By: /s/ Susheel Kirpalani 

Susheel Kirpalani* 

Daniel Salinas 

USDC-PR No. 224,006 

Eric Kay* 

51 Madison Avenue, 22nd Floor 

New York, New York 10010-1603 

Tel.: (212) 849-7000 

Fax: (212) 849-7100 

Email: susheelkirpalani@quinnemanuel.com 

 danielsalias@quinnemanuel.com 

 erickay@quinnemanuel.com 

* Admitted Pro Hac Vice 

Counsel for Syncora Guarantee, Inc. 

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RIVERA, TULLA & FERRER LLC 

/s/ Eric A. Tulla 

Eric A. Tulla 

USDC-DPR No. 118313 

Email: etulla@riveratulla.com 

Rivera Tulla & Ferrer Building 

50 Quisqueya Street 

San Juan, PR 00917-1212 

Tel: (787)753-0438 

Fax: (787)767-5784 

Counsel for U.S. Bank National 

Association, in its Capacity as PREPA 

Bond Trustee

MASLON LLP 

/s/ Clark T. Whitmore 

Clark T. Whitmore* 

Michael C. McCarthy* 

John Duffey* 

Jason M. Reed* 

90 South Seventh Street, Suite 3300 

Minneapolis, MN 55402 

Tel.: (612) 672-8200 

Fax: (612) 672-8397 

Email: clark.whitmore@maslon.com 

mike.mccarthy@maslon.com 

john.duffey@maslon.com 

jason.reed@maslon.com 

* Admitted Pro Hac Vice 

Counsel for U.S. Bank National 

Association, in its Capacity as PREPA 

Bond Trustee 

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/s/ Margaret A. Dale 

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 

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EXHIBIT A 

Proposed Order 

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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.2

PROMESA Title III 

Case No. 17-BK-3283-LTS 

(Jointly Administered) 

In re: 

THE FINANCIAL OVERSIGHT AND MANAGEMENT 

BOARD FOR PUERTO RICO, 

as representative of 

THE PUERTO RICO ELECTRIC POWER AUTHORITY, 

Debtor. 

Case No. 17-BK-4780-LTS 

 

2

 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). 

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[PROPOSED] ORDER GRANTING THE JOINT URGENT MOTION OF THE AD HOC 

GROUP OF PREPA BONDHOLDERS, ASSURED GUARANTY CORP., ASSURED 

GUARANTY MUNICIPAL CORP., SYNCORA GUARANTEE, INC., U.S. BANK 

NATIONAL ASSOCIATION AS PREPA BOND TRUSTEE, AND THE FINANCIAL 

OVERSIGHT AND MANAGEMENT BOARD FOR PUERTO RICO FOR AN 

EXTENSION OF CERTAIN CONFIRMATION DEADLINES 

Upon consideration of the Joint Urgent Motion of the Ad Hoc Group of PREPA 

Bondholders, Assured Guaranty Corp., Assured Guaranty Municipal Corp., Syncora Guarantee, 

Inc., U.S. Bank National Association as PREPA Bond Trustee, and the Financial Oversight and 

Management Board for Puerto Rico (the “Motion”); and it appearing that (i) the Court has subject 

matter jurisdiction pursuant to PROMESA §§ 306(a); (ii) venue of this proceeding is proper under 

28 U.S.C. § 1391(b) and 48 U.S.C. § 2167(a); (iii) no party objects to the relief requested in the 

Motion; and (iv) the Court having found good cause to grant the relief requested by the Motion, it 

is hereby ORDERED that: 

1. The Motion is GRANTED as set forth herein. 

2. The deadline for interested parties to file objections to confirmation of the Plan by 

June 7, 2023, is extended to June 12, 2023. 

3. The deadline for Debtor to file (a) a memorandum of law in support of confirmation 

of the Plan; (b) an omnibus reply to Plan Objections and objections to the proposed confirmation 

order; (b) witness declarations; (d) vote tabulation; (e) initial proposed findings of fact and 

conclusions of law by June 21, 2023 is extended to June 26, 2023. 

4. The deadline for parties in interest to file statements or joinders in support of 

confirmation of the Plan, and for non-Debtor parties to file witness declarations, by June 21, 2023 

is extended to June 26, 2023. 

5. The deadline for parties in interest to file objections to the vote tabulation and 

proposed findings of fact and conclusions of law by June 28, 2023, is extended to July 3, 2023. 

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6. The deadline for the Oversight board to reply to objections to the vote tabulation 

and to the proposed findings of fact and conclusions of law by July 5, 2023, is extended to July 

10, 2023. 

7. This Order shall have no effect on any other deadlines set in connection with the 

proposed plan of adjustment, including on the dates scheduled for the confirmation hearing. 

8. The Court retains jurisdiction to hear and determine all matters arising from the 

implementation of this Order. 

SO ORDERED: 

Dated: May __, 2023 

 _______________________________ 

 LAURA TAYLOR SWAIN

 United States District Judge 

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