Exhibit 1 

Notice of Title III Cases 

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Exhibit 1 - Notice of Title III Cases Page 1 of 5
UNITED STATES DISTRICT COURT 

FOR THE 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 

PROMESA 

Title III 

No. 17 BK 3283-LTS 

(Jointly Administered) 

NOTICE OF COMMENCEMENT OF CASES UNDER TITLE III 

OF PROMESA, ENTRY OF ORDER FOR RELIEF AND RELATED MATTERS 

TO ALL CREDITORS OF THE DEBTORS, AND TO OTHER PARTIES IN INTEREST, 

PLEASE TAKE NOTICE OF THE FOLLOWING: 

Commencement of Title III Cases and Orders for Relief 

On May 3, 2017 (the “Commonwealth’s Petition Date”), the Commonwealth of Puerto 

Rico (the “Commonwealth”), by and through the Financial Oversight and Management Board 

for Puerto Rico (the “Oversight Board”), as the Commonwealth’s representative pursuant to 

section 315(b) of the Puerto Rico Oversight, Management, and Economic Stability Act

(“PROMESA”),2 filed a petition (the “Commonwealth’s Petition”) with the United States 

District Court for the District of Puerto Rico (the “Court”) under title III of PROMESA. 

On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation (“COFINA,” and 

together with the Commonwealth, the “Debtors”), by and through the Oversight Board, as 

COFINA’s representative pursuant to PROMESA section 315(b), filed a petition (“COFINA’s 

 

1

 The Debtors in these Title III Cases, along with each Debtor’s respective bankruptcy 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); and (ii) Puerto Rico Sales Tax Financing 

Corporation (“COFINA”) (Bankruptcy Case No. 17 BK 3284) (Last Four Digits of Federal 

Tax ID: 8474).

2

 PROMESA has been codified in 48 U.S.C. §§ 2101-2241. 

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Petition,” and together with the Commonwealth’s Petition, the “Petitions”) with the Court under 

title III or PROMESA. The filings of the Petitions constitute orders for relief under title III of 

PROMESA. 

On May 9, 2017, the Debtors filed a motion seeking the joint administration of the title 

III cases (the “Title III Cases”), for procedural purposes only, pursuant to PROMESA section 

304(g) and Bankruptcy Rule 1015, made applicable to these Title III Cases by PROMESA 

section 310. 

These Title III Cases are pending before the Honorable Laura Taylor Swain, United 

States District Judge. 

General Case Information 

All documents filed in the above-captioned Title III Cases are available free of charge by 

accessing the website maintained by Prime Clerk LLC (the “Claims and Noticing Agent”) at 

https://cases.primeclerk.com/puertorico (the “Case Website”) or by contacting the proposed 

Claims and Noticing Agent directly at (844) 822-9231 (toll free for U.S. and Puerto Rico) or 

(646) 486-7944 (for international callers). You may also obtain copies of any documents by 

visiting the Court’s website at www.prd.uscourts.gov in accordance with the procedures and fees 

set forth therein. 

Purpose of the Title III Cases 

Title III of PROMESA provides a means for a covered territory (such as the 

Commonwealth) or a covered instrumentality (such as COFINA) that has encountered financial 

difficulty to work with its creditors to adjust its debts. To that end, certain sections of the United 

States Bankruptcy Code, 11 U.S.C. § 101 et seq. (hereinafter, the “Bankruptcy Code”) are 

incorporated in and made applicable to cases under title III of PROMESA. 

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During these Title III Cases, the Debtors will remain in possession and control of its 

property, and will continue to maintain its functions and provide services for the benefit of the 

citizens of Puerto Rico. Under PROMESA, however, the Oversight Board is the representative 

of the Debtors (as debtors in these Title III Cases) and may take any action necessary on behalf 

of the Debtors to prosecute these Title III Cases. Under PROMESA, only the Oversight Board 

may file a plan of adjustment for the Debtors. In that regard, the Oversight Board (as 

representative of the Debtors) intends to propose a plan for the adjustment of the Debtors’ debts. 

Future notice concerning any such plan will be provided pursuant to the form and manner of 

notice ordered by the Court. The Title III filings for the Debtors should not preclude efforts to 

continue voluntary debt restructuring negotiations and to seek consensual agreements with 

creditors. 

Background information regarding the Commonwealth and its instrumentalities, and the 

commencement of these Title III Cases, is contained in the Notice of Statement of Oversight 

Board in Connection with PROMESA Title III Petition [D.I. 1], attached to the Commonwealth’s 

Petition, which is available, free of charge, by accessing the Case Website. 

Automatic Stay 

Pursuant to Bankruptcy Code sections 362 and 922, which are made applicable in these 

Title III Cases, the filing of the Debtors’ Petitions operates as an automatic stay of actions 

against the Debtors, including, among other things: the commencement or continuation of a 

judicial, administrative, or other action or proceeding against the Debtors or against an officer or 

inhabitant of the Debtors that was or could have been commenced before the commencement of 

these Title III Cases, or to recover a claim against the Debtors or against an officer or inhabitant 

of the Debtors that arose before the commencement of the Title III Cases. 

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Motion to Limit Notice 

The Debtors also requested the Court to enter an order limiting notice of filings in the 

Debtors’ Title III Cases to certain creditors and interested parties. If you wish to receive notices 

in these Title III Cases, you are encouraged to file with the Clerk of Court a written request for 

service of papers in accordance with Bankruptcy Rules 2002 and 9010(b), which are applicable 

in these Title III Cases. The request should include the following: (a) the requesting party’s 

name, address, and telephone number; (b) the name and address of the requesting party’s 

counsel, if any; (c) an e-mail address at which the requesting party may be served; (d) an address 

by which the requesting party may be served by U.S. mail, hand delivery, and/or overnight 

delivery; (e) a facsimile number for the requesting party, if applicable; and (f) the requesting 

party’s relationship to the Debtors’ case (e.g., trade creditor, interested party, etc.). 

Inquiries 

Inquiries about the matters described herein may be directed to: (a) the Claims and 

Noticing Agent, at the contact information listed above, (b) the Oversight Board’s counsel, 

Proskauer Rose LLP, Eleven Times Square, New York, NY 10036, (212) 969-3000 (Attn: 

Martin J. Bienenstock, Esq., Paul V. Possinger, Esq., Ehud Barak, Esq., and Maja Zerjal, Esq.), 

or (c) counsel to the Puerto Rico Fiscal Agency and Financial Advisory Authority, O’Melveny & 

Myers LLP, 7 Times Square, New York, NY 10036, (212) 326-2000 (Attn: John J. Rapisardi, 

Esq., Suzzanne Uhland, Esq., and Peter Friedman, Esq.). 

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