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

No. 17-BK-3283-LTS

(Jointly Administered)

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

as representative of

PUERTO RICO ELECTRIC POWER AUTHORITY,

Debtor. 

PROMESA

Title III

No. 17-BK-4780-LTS

(Jointly Administered)

URGENT MOTION OF THE FINANCIAL

OVERSIGHT AND MANAGEMENT BOARD FOR PUERTO

RICO, AS DEBTOR’S TITLE III REPRESENTATIVE,

REQUESTING EXTENSION OF FILING DEADLINES (A) TO

JULY 28, 2023 FOR SUBMISSION OF PREPA’S PROPOSED

AMENDED PLAN OF ADJUSTMENT AND RELATED DOCUMENTS

AND (B) TO AUGUST 2, 2023 FOR SUBMISSION OF JOINT

STATUS REPORT AND PROPOSED CONFIRMATION SCHEDULE(S) 

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-BK3567-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 Financial Oversight and Management Board for Puerto Rico, as sole Title III 

representative (the “Oversight Board”) of the Puerto Rico Electric Power Authority (“PREPA” or 

the “Debtor”), pursuant to Section 315(b) of the Puerto Rico Oversight, Management, and 

Economic Stability Act (“PROMESA”),

2 respectfully submits this urgent motion (the “Urgent 

Motion”) for an order substantially in the form attached hereto as Exhibit A (the “Proposed 

Order”) extending deadlines established in the Order Setting Interim Litigation Deadlines 

Concerning Proposed Third Amended Plan of Adjustment [Case No. 17-4780, ECF No. 3820]3

(the “Plan Deadlines Order”) from (A) July 14, 2023 to July 28, 2023 for the Oversight Board to 

file (i) its proposed Third Amended Plan of Adjustment (the “Third Amended Plan”) and (ii) an 

informative motion explaining the Oversight Board’s position on the need for a supplemental 

disclosure statement and plan re-solicitation (collectively, the “Informative Motion”), and (B) from 

July 19, 2023 to August 2, 2023 for parties to file a joint status report with the parties’ proposed 

litigation schedule(s) for confirmation proceedings and a proposed order establishing such

schedule (the “Joint Status Report”). In support of this Urgent Motion, the Oversight Board 

respectfully states as follows: 

Jurisdiction and Venue

1. The United States District Court for the District of Puerto Rico (the “Court”) has 

subject matter jurisdiction over this Urgent Motion pursuant to PROMESA Section 306(a). 

2. Venue is proper in this district pursuant to PROMESA Section 307(a). 

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.

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Relief Requested

3. Following the Oversight Board’s certification of the 2023 PREPA fiscal plan and 

the Court’s decision in connection with estimation of the PREPA bond claim, the Oversight Board 

has been actively negotiating with various mediation parties regarding treatment under the 

forthcoming Third Amended Plan. 

4. While the Oversight Board cannot guaranty a new settlement will be attained with 

creditors holding a substantial percentage of the outstanding debt, it believes the prospects of such 

a settlement are sufficient to try to avoid filing an amended, proposed plan this week that might 

have to be amended again shortly thereafter, especially because the filing will trigger other filings 

of positions and schedules that might also change if a new settlement is attained. Therefore, the 

Oversight Board requests a two-week extension of the July 14, 2023 plan filing deadline to July 

28, 2023 and requests a similar extension of the July 19, 2023 deadline to file the Joint Status 

Report regarding a proposed litigation schedule to August 2, 2023 to permit parties to review the 

Third Amended Plan before proposing a litigation schedule. 

5. Accordingly, the Oversight Board respectfully requests a two-week extension of 

the filing deadline for the Third Amended Plan and Informative Motion to July 28, 2023, and for 

the Joint Status Report to August 2, 2023. 

6. The Oversight Board is authorized to represent the Mediation Team is “entirely 

supportive” of the requested deadline extensions. 

Compliance With Case Management Procedures

7. Pursuant to Paragraph 1.H of the Sixteenth Amended Notice, Case Management and 

Administrative Procedures [Case No. 17-3283, ECF No. 20190-1], the Oversight Board hereby 

certifies it has carefully examined the matter and concluded that there is a true need for an urgent 

motion; it has not created the urgency through any lack of due diligence; has made a bona fide 

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4 

effort to resolve the matter; and has made reasonable, good-faith communications in an effort to 

resolve the issues being brought to the Court. 

8. In advance of filing this Urgent Motion, the Oversight Board contacted counsel to 

(a) the Puerto Rico Fiscal Agency and Financial Advisory Authority (“AAFAF”), (b) the Ad Hoc 

Group of PREPA Bondholders, (c) Assured, (d) Syncora, (e) the Trustee, (f) National Public 

Finance Guarantee Corp. (“National”), (g) the Fuel Line Lenders,4 (h) Unión de Trabajadores de 

la Industria Eléctrica y Riego, Inc., (“UTIER”), (i) Sistema de Retiro de Empleados de la Autoridad 

de Energía Eléctrica (“SREAEE”), (j) the Official Committee of Unsecured Creditors (the 

“Creditors’ Committee”), (k) the Ad Hoc Committee of National Claim Assignees (the “Ad Hoc 

Committee”), (l) PV Properties, Inc. (“PV Properties”), (m) Instituto de Competitividad y 

Sostenibilidad Economica de Puerto Rico (“ISCE”), and (n) counsel to GoldenTree Asset 

Management LP, to determine whether they objected to the relief sought herein. Counsel to (a) 

AAFAF (b) the Ad Hoc Group of PREPA Bondholders, (c) Assured, (d) the Trustee, (e) the 

Committee, (f) Syncora, (g) the GoldenTree, (h) the Fuel Line Lenders, (i) UTIER, (j) SREAEE, 

(k) ICSE, (l) PV Properties/Windmar, and (m) the Ad Hoc Committee do not object to the relief 

sought herein. The Oversight Board did not receive a response from counsel to National. 

Notice

9. Notice of this Urgent Motion will be provided by facsimile, electronic mail 

transmission, regular mail and/or hand delivery to the following parties: (a) counsel to AAFAF, 

(b) counsel to the Ad Hoc Group, (c) counsel to Assured, (d) counsel to Syncora, (e) counsel to 

the Trustee, (f) counsel to National, (g) counsel to the Fuel Line Lenders, (h) counsel to UTIER, 

4

 The “Fuel Line Lenders” are comprised of Cortland Capital Market Services LLC, as successor administrative 

agent under a Credit Agreement, dated May 4, 2012, among PREPA, Scotiabank de Puerto Rico, and certain 

lenders, and SOLA LTD, Solus Opportunities Fund 5 LP, Ultra Master LTD and Ultra NB LLC, as lenders under 

a Trade Finance Facility Agreement, dated July 20, 2012, between PREPA and Citibank, N.A.

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(i) counsel to SREAEE, (j) counsel to the Creditor’s Committee, (k) counsel to the Ad Hoc 

Committee, (l) counsel to PV Properties, (m) counsel to ISCE, (n) the Office of the United States 

Trustee for the District of Puerto Rico; (o) the entities on the list of creditors holding the 20 largest 

unsecured claims against PREPA; (p) the statutory committees appointed in any of the Title III 

cases; (q) the Office of the United States Attorney for the District of Puerto Rico; (s) the Puerto 

Rico Department of Justice; (r) the United States Securities and Exchange Commission; (s) counsel 

to GoldenTree Asset Management LP, and (t) all parties filing a notice of appearance in this Title 

III case. The Oversight Board submits that, in light of the nature of the relief requested, no other 

or further notice need be given. 

No Prior Request

10. No prior request for the relief sought in this Urgent Motion has been made to this 

or any other court.

WHEREFORE the Oversight Board respectfully requests entry of an order, substantially 

in the form attached hereto as Exhibit A, granting the relief requested herein and granting the 

Debtor such other and further relief as is just. 

Dated: July 13, 2023

 San Juan, Puerto Rico 

Respectfully submitted,

/s/ Paul V. Possinger

Martin J. Bienenstock 

Paul V. Possinger 

Ehud Barak

Margaret A. Dale

Michael T. Mervis

Daniel S. Desatnik

(Admitted Pro Hac Vice) 

PROSKAUER ROSE LLP

Eleven Times Square

New York, NY 10036

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Tel: (212) 969-3000

Fax: (212) 969-2900 

Email: mbienenstock@proskauer.com 

 ppossinger@proskauer.com 

 ebarak@proskauer.com 

 mdale@proskauer.com 

 mmervis@proskauer.com 

 ddesatnik@proskauer.com 

Attorneys for the Financial 

Oversight and Management Board for Puerto 

Rico as representative for PREPA

/s/ Hermann D. Bauer 

Hermann D. Bauer

USDC No. 215205 

O’NEILL & BORGES LLC

250 Muñoz Rivera Ave., Suite 800 

San Juan, PR 00918-1813 

Tel: (787) 764-8181 

Fax: (787) 753-8944 

Email: hermann.bauer@oneillborges.com 

Co-Attorney for the Financial Oversight and 

Management Board for Puerto Rico as 

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.1

PROMESA

Title III

No. 17-BK-3283-LTS

(Jointly Administered)

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

as representative of

PUERTO RICO ELECTRIC POWER AUTHORITY,

Debtor. 

PROMESA

Title III

No. 17-BK-4780-LTS

(Jointly Administered)

[PROPOSED] ORDER GRANTING URGENT MOTION OF THE FINANCIAL

OVERSIGHT AND MANAGEMENT BOARD FOR PUERTO

RICO, AS DEBTOR’S TITLE III REPRESENTATIVE,

REQUESTING EXTENSION OF FILING DEADLINES (A) TO

JULY 28, 2023 FOR SUBMISSION OF PREPA’S PROPOSED

AMENDED PLAN OF ADJUSTMENT AND RELATED DOCUMENTS

AND (B) TO AUGUST 2, 2023 FOR SUBMISSION OF JOINT

STATUS REPORT AND PROPOSED CONFIRMATION SCHEDULE(S) 

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-BK3567-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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Upon the Urgent Motion of the Financial Oversight and Management Board for Puerto 

Rico, As Debtor’s Title III Representative, Requesting Extension of Filing Deadlines (A) to July 

28, 2023 for Submission of PREPA’s Proposed Amended Plan of Adjustment and Related 

Documents and (B) to August 2, 2023 for Submission of Joint Status Report and Proposed 

Confirmation Schedule(s) [ECF No. _____ in Case No. 17-4780; ECF No. _____ in Case No. 17-

3283] (the “Urgent Motion”);2 and the Court having subject matter jurisdiction to consider the 

Urgent Motion and the relief requested therein pursuant to PROMESA Section 306(a); and it 

appearing that venue in this district is proper pursuant to PROMESA Section 307(a); and due and 

proper notice of the Urgent Motion having been provided and it appearing that no other or further 

notice need be provided; and the Court having determined the relief sought in the Urgent Motion 

is in the best interests of the Debtor, its creditors, and all parties in interest; and the Court having 

determined the legal and factual bases set forth in the Urgent Motion establish just cause for the 

relief granted herein, it is HEREBY ORDERED AS FOLLOWS: 

1. The Urgent Motion is GRANTED as set forth herein.

2. The deadline for the Debtor to file (a) the Third Amended Plan, and (b) an 

Informative Motion concerning its position as to whether approval of an amended or 

supplemental disclosure statement and re-solicitation is necessary, is extended to July 28, 2023. 

3. The deadline for the parties to file the Joint Status Report with proposed litigation 

schedule for confirmation proceedings (including a schedule for any necessary litigation 

concerning amended or supplemental disclosure statement and/or re-solicitation) and a proposed 

order implementing that proposed schedule and addressing any additional notice requirements or 

other procedural issues, is extended to August 2, 2023. 

2

 Capitalized terms used but not otherwise defined herein have the meanings given to them in the Urgent Motion. 

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3 

4. This Order resolves ECF No. _____ in Case No. 17-4780 and ECF No. _____ in 

Case No. 17-3283. 

SO ORDERED.

Dated: , 2023 

 San Juan, Puerto Rico 

 LAURA TAYLOR SWAIN

 United States District Court Judge

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