Presentment Date: June 13, 2023

UNITED STATES DISTRICT COURT

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.

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

as representative of

PUERTO RICO ELECTRIC POWER

AUTHORITY (“PREPA”)

Debtor.1

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PROMESA

Title III

No. 17 BK 3283-LTS

(Jointly Administered)

PROMESA

Title III

No. 17 BK 4780-LTS

NOTICE OF PRESENTMENT OF PROPOSED ORDER 

REGARDING COBRA ACQUISITIONS LLC’S MOTION TO MODIFY STAY ORDER

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 (“PBA”) (Bankruptcy Case No. 19-BK-5233-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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PLEASE TAKE NOTICE that Cobra Acquisitions LLC (“Cobra”) hereby submits this 

Notice of Presentment of Proposed Order Regarding Cobra Acquisitions LLC’s Motion to Modify 

Stay Order.

PLEASE TAKE FURTHER NOTICE that, on May 16, 2023, Cobra filed Cobra 

Acquisitions LLC’s Motion to Modify Stay Order [Case No. 17-BK-3283, ECF No. 24219; Case 

No. 17-BK-4870, ECF No. 3507] (the “Motion”).1

PLEASE TAKE FURTHER NOTICE that, on May 23, 2023, the Government Parties 

filed the Joint Objection of the Financial Oversight and Management Board for Puerto Rico, 

Puerto Rico Electric Power Authority, and Puerto Rico Fiscal Agency and Financial Advisory 

Authority to Cobra Acquisitions LLC’s Motion to Modify Stay Order [Case No. 17-BK-3283, ECF 

No. 24301; Case No. 17-BK-4780, ECF No. 3541].

PLEASE TAKE FURTHER NOTICE that, on May 30, 2023, Cobra filed its Reply in 

Support of Motion to Modify Stay Order [Case No. 17-BK-3283, ECF No. 24363]. 

PLEASE TAKE FURTHER NOTICE that, on June 8, 2023, the United States District 

Court for the District of Puerto Rico (the “Court”) held a hearing on the Motion (the “Hearing”).

PLEASE TAKE FURTHER NOTICE that, attached hereto as Exhibit A, is a proposed 

order (the “Proposed Order”) regarding the Motion in accordance with the Court’s ruling at the 

Hearing. 

1 Unless otherwise specified, capitalized terms have the same meaning as in the Motion.

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Dated: June 12, 2023

Respectfully submitted,

/s/ Carlos R. Rivera-Ortiz

Rafael Escalera Rodríguez (No. 122609)

Sylvia M. Arizmendi (No. 210714)

Carlos R. Rivera-Ortiz (No. 303409)

REICHARD & ESCALERA, LLC

255 Ponce de León Avenue

MCS Plaza, 10th Floor

San Juan, PR 00917-1913

Telephone: (787) 777-8888

Email: escalera@reichardescalera.com

arizmendis@reichardescalera.com

riverac@reichardescalera.com

Ira S. Dizengoff (pro hac vice)

Abid Qureshi (pro hac vice)

Philip C. Dublin (pro hac vice)

Zach D. Lanier (pro hac vice)

AKIN GUMP STRAUSS HAUER & FELD LLP

One Bryant Park

Bank of America Tower

New York, NY 10036

Tel: (212) 872-1000

Fax: (214) 872-1002

Email: idizengoff@akingump.com

aqureshi@akingump.com

pdublin@akingump.com

zlanier@akingump.com

--and--

Scott M. Heimberg (pro hac vice)

AKIN GUMP STRAUSS HAUER & FELD LLP

2001 K Street, N.W.

Washington, DC 20006

Tel: (202) 887-4000

Fax: (202) 887-4288

Email: tmclish@akingump.com

sheimberg@akingump.com

Attorneys for Cobra Acquisitions LLC

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CERTIFICATE OF SERVICE

The undersigned certifies that on this date he electronically filed the foregoing with the Clerk 

of the Court using the CM/ECF system which will send notification of such filing to the attorneys 

of record.

/s/ Carlos R. Rivera-Ortiz

REICHARD & ESCALERA

Carlos R. Rivera-Ortiz

USDC No. 303409

riverac@reichardescalera.com 

255 Ponce de León Avenue

MCS Plaza, 10th Floor

San Juan, Puerto Rico 00917-1913

PO Box 364148

San Juan, PR 00936-4148

Tel: (787) 777-8888

Fax: (787) 765-4225

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