1 

UNITED STATES DISTRICT COURT 

FOR THE DISTRICT OF PUERTO RICO 

 

In re 

) 

) 

PROMESA 

Title III 

) 

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO, 

) 

) 

) 

) 

No. 17 BK 4780-LTS 

(Jointly Administered) 

As a representative of ) 

) 

PUERTO RICO ELECTRIC POWER

AUTHORITY (“PREPA”), 

Debtors.1

) 

) 

) 

) 

) 

) 

SIXTEENTH INTERIM FEE APPLICATION OF ERNST & YOUNG LLP, 

AS FINANCIAL ADVISOR TO THE FINANCIAL OVERSIGHT 

AND MANAGEMENT BOARD FOR PUERTO RICO, FOR TITLE III 

SERVICES FOR PUERTO RICO ELECTRIC POWER AUTHORITY 

RENDERED AND REIMBURSEMENT OF EXPENSES FOR THE PERIOD FROM 

MARCH 16, 2022 THROUGH JANUARY 31, 2023 

Name of Applicant: Ernst & Young LLP

Authorized to Provide Professional Services to: The Financial Oversight and Management 

Board for Puerto Rico

Date of Retention: Effective as of May 3, 2017 for Title III Cases

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); and, (v) Puerto Rico Electric Power Authority (“PREPA”) (Bankruptcy Case 

No. 17 BK 4780-LTS) (Last Four Digits of Federal Tax ID: 3747) (Title III case numbers are listed as Bankruptcy 

Case numbers due to software limitations). 

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Period for which compensation and reimbursement is sought: March 16, 2022 through January 

31, 2023 (the “Fee Period”)

Amount of compensation sought as actual, reasonable, and necessary for PREPA Title III 

Services: $3,356,644.95 

Amount of interim expense reimbursement sought as actual, reasonable, and necessary in 

connection with PREPA Title III Services: $0.00 

Are your fee or expense totals different from the sum of previously-served monthly statements? 

_____ Yes __X__ No. If there is any discrepancy, please explain it in the text of the attached 

fee application or in a footnote to this cover sheet. 

Blended rate in this application for all professionals for Title III Services for PREPA: $673.31 / 

hour 

This is an interim application. 

The total time expended for fee application preparation for the Interim Fee Period is 

approximately 32.10 hours and the corresponding compensation requested is $8,506.50. 

PRIOR INTERIM FEE APPLICATIONS & ADJUSTMENTS: 

Date Filed Fees Requested Expenses 

Requested 

Fee 

Adjustments 

Expense 

Adjustments 

Fees 

Approved 

Expenses 

Approved 

 

Number of professionals with time included in this application: 80 

If applicable, number of professionals in this application not included in a staffing plan approved 

by the client: 0 

If applicable, difference between fees budgeted and compensation sought for this period: 

Pursuant to the attached Budget Plan, EY’s actual fees for Title III Services (defined 

herein) during the interim period were approximately $617,647.00 lower than budgeted 

fees. 

Are any timekeeper’s hourly rates higher than those charged and approved upon retention: Yes

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1. By this interim application (this “Application”), Ernst & Young LLP (“EY”) 

respectfully requests allowance and payment of $3,356,644.95 as compensation and 

reimbursement of $0.00 of expenses, with respect to services rendered to The Financial Oversight 

and Management Board for Puerto Rico (the “Board”) that are not customarily required outside 

Title III cases (the “Title III Services”),2 for the interim period from March 16, 2022 through 

January 31, 2023 (the “Fee Period”). 

2. The supporting detail for this Application is attached hereto as Exhibits A through 

F. Exhibit A-1 contains a summary of compensation requested by professional for Title III 

Services for PREPA. Exhibit B contains details of the expenses for which EY hereby requests 

reimbursement. Exhibit C contains a summary of compensation requested by project category for 

Title III Services for PREPA. Exhibit D contains EY’s detailed time records for Title III Services 

for PREPA during the Fee Period. Exhibit E contains EY’s budget for Title III Services for PREPA 

for the Fee Period of for the period. Exhibit F contains EY’s staffing plan for Title III Services 

for PREPA for the Fee Period.3

Title III Services for PREPA Provided During the Fee Period 

3. During the Fee Period, EY performed the categories of Title III Services for PREPA 

for the Board that are described in Exhibit C hereto. 

2

 EY also rendered other services to the Board that are customarily required outside Title III cases (the “Non-Title 

III Services”). In accordance with the Court’s First Amended Order Setting Procedures For Interim Compensation 

and Reimbursement of Expenses of Professionals, entered on November 8, 2017 [Docket No. 1715], this Application 

does not include the fees and expenses that EY incurred in performing Non-Title III Services. 

3

 EY understands that it is not required to provide a comparable hourly rate disclosure, pursuant to the letter from 

the Government of Puerto Rico regarding the applicability of the US Trustee Guidelines to financial advisors. 

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4. The total time spent by EY providing Title III Services for PREPA for the Board 

during the Fee Period was approximately 4,985.30 hours. The blended hourly rate for Title III 

Services for PREPA performed for the Board during the Fee Period is approximately $673.31.

Statement in Compliance With Appendix B Guidelines C.5 

5. The following answers are provided in response to the questions set forth in 

Appendix B Guidelines paragraph C.5: 

Question: Did you agree to any variations from, or alternatives to, your standard or 

customary billing rates, fees or terms for services pertaining to this engagement that were 

provided during the application period? If so, please explain. 

Response: No.

Question: If the fees sought in this fee application as compared to the fees budgeted for the 

time period covered by this fee application are higher by 10% or more, did you discuss the 

reasons for the variation with the client? 

Response: Not applicable.

Question: Have any of the professionals included in this fee application varied their hourly 

rate based on the geographic location of the bankruptcy case? 

Response: No. 

Question: Does the fee application include time or fees related to reviewing or revising time 

records or preparing, reviewing, or revising invoices? (This is limited to work involved in 

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preparing and editing billing records that would not be compensable outside of bankruptcy and 

does not include reasonable fees for preparing a fee application.). If so, please quantify by hours 

and fees. 

Response: No.

Question: Does this fee application include time or fees for reviewing time records to redact any 

privileged or other confidential information? If so, please quantify by hours and fees. 

Response: No.

Question: If the fee application includes any rate increases since retention: (i) Did your 

client review and approve those rate increases in advance? (ii) Did your client agree when 

retaining the law firm to accept all future rate increases? If not, did you inform your client that 

they need not agree to modified rates or terms in order to have you continue the representation, 

consistent with ABA Formal Ethics Opinion 11-458? 

Response: The engagement letters that were signed by the Board provide that EY’s 

rates are subject to increase, typically once a year on July 1. Since EY is not a law firm, it 

is not subject to ABA Formal Ethics Opinion 11-458.

Johnson Factors 

6. Below is a discussion of the twelve factors set forth in Johnson v. Ga. Highway 

Express, Inc., 488 F.2d 714, 717-19 (5th Cir. 1974), made applicable to compensation 

determinations in bankruptcy in Am. Benefit Life Ins. Co. v. Baddock (In re First Colonial Corp. 

of Am.), 544 F.2d 1291, 1298-99 (5th Cir. 1977): 

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(1) The time and labor required. The number of hours expended during the 

Fee Period demonstrates that EY devoted a substantial amount of time on a variety of issues that 

have arisen during the Fee Period. EY rendered the services within a reasonable amount of time 

commensurate with the complexity, importance and nature of the issues it addressed. 

(2) The novelty and difficulty of the issues. Many of the issues that EY 

addressed were complex, and required the skill and experience of sophisticated accounting and 

restructuring professionals. 

(3) The skill requisite to perform the services properly. To properly perform 

the Title III Services for PREPA it rendered during the Fee Period, EY was required to draw 

upon the skill and substantive knowledge of its professionals. 

(4) The preclusion of other employment by the professional due to acceptance 

of the case. EY committed a significant amount of time and labor to the Board during the Fee 

Period, which otherwise would have been dedicated to other matters for which, in most 

instances, EY’s invoices would have been paid in full on a timely basis. 

(5) The customary fee. EY’s fees are based on the customary rates it charges 

its other clients for similar types of services. 

(6) Whether the fee is fixed or contingent. EY is charging the Board on an 

hourly-fee basis for the services it rendered during the Fee Period. 

(7) Time limitations imposed by the client or the circumstances. The 

circumstances of these cases have occasionally imposed time constraints on EY, because of the 

need for rapid resolution of significant issues. 

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(8) The amount involved, and the results obtained. EY respectfully submits 

that its Title III Services for PREPA have resulted in substantial benefits to the Board, which 

ultimately redounds to the benefit of the Title III debtors. 

(9) The experience, reputation and ability of the professionals. EY is a very 

well-regarded and established professional services firm, and its partners and professional 

employees are experienced in performing the Title III Services for PREPA. 

(10) The “undesirability” of these cases. EY does not believe these cases are 

undesirable, based on its understanding that its requested compensation and expense 

reimbursement would be awarded. 

(11) The nature and length of the professional relationship with the client. EY 

has provided professional services to the Board since early 2017. 

(12) Awards in similar cases. The amount of compensation and expense 

reimbursement is reasonable in terms of the awards granted in cases of similar magnitude and 

complexity. 

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7. The request herein is without prejudice to EY’s right to seek additional 

compensation for Title III Services for PREPA performed and expenses incurred during the Fee 

Period, which were not processed at the time of this Application.

WHEREFORE, EY LLP hereby respectfully requests allowance of $3,356,644.95 and 

payment as compensation and reimbursement of $0.00 of expenses, with respect to Title III 

Services for PREPA during the Fee Period. EY LLP also respectfully requests that it be granted 

such other and further relief as the Court may deem just and proper.

Dated: June 21, 2023 Respectfully submitted, 

By: /s/ Adam Chepenik 

Adam Chepenik 

Ernst & Young LLP 

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VERIFICATION 

I hereby certify that: 

a) I am a principal with the applicant firm, Ernst & Young LLP (“EY”). 

b) I am familiar with the work performed on behalf of The Financial Oversight and 

Management Board for Puerto Rico by EY during the Fee Period. 

c) I have reviewed the foregoing Application and the facts set forth therein are true 

and correct to the best of my knowledge, information and belief. 

d) I hereby certify that no public servant of the Department of Treasury is a party to 

or has any interest in the gains or benefits derived from the contract that is the basis of this invoice. 

The only consideration for providing services under the contract is the payment agreed upon with 

the authorized representatives of EY’s client. The amount of this invoice is reasonable. The 

services were rendered, and the corresponding payment has not been made. To the best of my 

knowledge, EY does not have any debts owed to the Government of Puerto Rico or its 

instrumentalities. 

Dated: June 21, 2023 Respectfully submitted, 

By: /s/ Adam Chepenik 

Adam Chepenik 

Ernst & Young LLP 

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EXHIBIT A 

SUMMARY OF COMPENSATION REQUESTED BY PROFESSIONAL 

Name Location Title Time Hourly Rate 1 Total Individual 

Fees 

Berk,Adam S. Houston, TX Partner/Principal 

 

3.30 945.00 

 

3,118.50 

Berk,Adam S. Houston, TX Partner/Principal 

 

0.40 750.00 

 

300.00 

Chepenik,Adam Brandon Washington, DC Partner/Principal 

 

184.10 945.00 

 

173,974.50 

Chepenik,Adam Brandon Washington, DC Partner/Principal 

 

26.80 905.00 

 

24,254.00 

Chepenik,Adam Brandon Washington, DC Partner/Principal 

 

20.00 472.50 

 

9,450.00 

Levy,Sheva R Cleveland, OH Partner/Principal 

 

125.00 945.00 

 

118,125.00 

Levy,Sheva R Cleveland, OH Partner/Principal 

 

79.90 750.00 

 

59,925.00 

Malhotra,Gaurav Chicago, IL Partner/Principal 

 

137.00 945.00 

 

129,465.00 

Malhotra,Gaurav Chicago, IL Partner/Principal 

 

34.30 905.00 

 

31,041.50 

Malhotra,Gaurav Chicago, IL Partner/Principal 

 

4.00 472.50 

 

1,890.00 

Master,Ali Dallas - 1201 Elm St Partner/Principal 

 

0.60 945.00 

 

567.00 

Slattery,Michael Washington, DC Partner/Principal 

 

27.90 945.00 

 

26,365.50 

Thomas,Richard I New York, NY Partner/Principal 

 

2.00 945.00 

 

1,890.00 

Truelove,Rebecca 

New York - One 

Manhattan West Partner/Principal 

 

0.60 945.00 

 

567.00 

Mackie,James Washington, DC Executive Director

 

1.50 880.00 

 

1,320.00 

Mullins,Daniel R Washington, DC Executive Director

 

149.40 880.00 

 

131,472.00 

Mullins,Daniel R Washington, DC Executive Director

 

8.90 843.00 

 

7,502.70 

Mullins,Daniel R Washington, DC Executive Director

 

4.00 440.00 

 

1,760.00 

Pilger,Josef McLean, VA Executive Director

 

1.20 880.00 

 

1,056.00 

Pilger,Josef McLean, VA Executive Director

 

1.20 719.00 

 

862.80 

Powell,Marc Miami, FL Executive Director

 

0.30 843.00 

 

252.90 

Santambrogio,Juan Atlanta, GA Executive Director

 

412.70 880.00 

 

363,176.00 

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Name Location Title Time Hourly Rate 1 Total Individual 

Fees 

Santambrogio,Juan Atlanta, GA Executive Director

 

30.00 843.00 

 

25,290.00 

Tague,Robert Chicago, IL Executive Director

 

62.30 880.00 

 

54,824.00 

Tague,Robert Chicago, IL Executive Director

 

35.70 843.00 

 

30,095.10 

Breeding,Stephen Dallas, TX Senior Manager

 

0.80 780.00 

 

624.00 

Canter,Matthew Alan Washington, DC Senior Manager

 

0.50 749.00 

 

374.50 

Chemtob,Victor New York, NY Senior Manager

 

27.10 780.00 

 

21,138.00 

Draper,Steven David Dallas, TX Senior Manager

 

0.30 682.00 

 

204.60 

Good JR,Clark E Dallas, TX Senior Manager

 

155.90 780.00 

 

121,602.00 

Good JR,Clark E Dallas, TX Senior Manager

 

184.80 682.00 

 

126,033.60 

Heath,Emma Chicago, IL Senior Manager

 

2.30 780.00 

 

1,794.00 

Heath,Emma Chicago, IL Senior Manager

 

7.80 749.00 

 

5,842.20 

Kleine,Andrew Washington, DC Senior Manager

 

0.40 780.00 

 

312.00 

Malik,Jaideep Atlanta, GA Senior Manager

 

1.00 780.00 

 

780.00 

McLeod,Candice Los Angeles, CA Senior Manager

 

69.90 780.00 

 

54,522.00 

Mitchell,Scott Indianapolis Senior Manager

 

0.60 780.00 

 

468.00 

Outlaw,Jessica R. Houston, TX Senior Manager

 

2.50 749.00 

 

1,872.50 

Panagiotakis,Sofia New York, NY Senior Manager

 

423.00 780.00 

 

329,940.00 

Panagiotakis,Sofia New York, NY Senior Manager

 

2.70 749.00 

 

2,022.30 

Sarna,Shavi Detroit, MI Senior Manager

 

77.90 780.00 

 

60,762.00 

Sarna,Shavi Detroit, MI Senior Manager

 

3.50 749.00 

 

2,621.50 

Wheeler,Laura Allison Atlanta, GA Senior Manager

 

216.40 780.00 

 

168,792.00 

Wheeler,Laura Allison Atlanta, GA Senior Manager

 

7.40 749.00 

 

5,542.60 

Ban,Menuka Washington, DC Manager

 

20.20 645.00 

 

13,029.00 

Berger,Daniel L. Washington, DC Manager

 

11.40 645.00 

 

7,353.00 

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Name Location Title Time Hourly Rate 1 Total Individual 

Fees 

Berger,Daniel L. Washington, DC Manager

 

0.70 619.00 

 

433.30 

Burr,Jeremy San Diego, CA Manager

 

25.00 619.00 

 

15,475.00 

Chan,Jonathan New York, NY Manager

 

14.50 645.00 

 

9,352.50 

Chan,Jonathan New York, NY Manager

 

3.40 619.00 

 

2,104.60 

Chawla,Sonia New York, NY Manager

 

4.30 645.00 

 

2,773.50 

Chawla,Sonia New York, NY Manager

 

1.00 619.00 

 

619.00 

Dubinsky,Shawn Chicago, IL Manager

 

499.00 645.00 

 

321,855.00 

Dubinsky,Shawn Chicago, IL Manager

 

27.00 619.00 

 

16,713.00 

Dubinsky,Shawn Chicago, IL Manager

 

3.50 322.50 

 

1,128.75 

Edwards,Daniel Boston, MA Manager

 

0.50 619.00 

 

309.50 

Herges,Jake New York, NY Manager

 

45.50 645.00 

 

29,347.50 

Hung,Megan New York, NY Manager

 

1.70 619.00 

 

1,052.30 

Hurtado,Sergio Danilo Charlotte, NC Manager

 

2.20 645.00 

 

1,419.00 

Hurtado,Sergio Danilo Charlotte, NC Manager

 

3.30 619.00 

 

2,042.70 

Kebhaj,Suhaib Washington, DC Manager

 

0.40 645.00 

 

258.00 

Phillips,Elizabeth New York, NY Manager

 

97.20 645.00 

 

62,694.00 

Pushka,Nicole L Chicago, IL Manager

 

110.20 645.00 

 

71,079.00 

Pushka,Nicole L Chicago, IL Manager

 

85.60 540.00 

 

46,224.00 

Schaumburg,Andrew H. Cleveland, OH Manager

 

7.00 540.00 

 

3,780.00 

Tan,Riyandi New York, NY Manager

 

0.80 645.00 

 

516.00 

Tan,Riyandi New York, NY Manager

 

6.50 619.00 

 

4,023.50 

Weaver,Joseph Chicago, IL Manager

 

1.10 619.00 

 

680.90 

Wilson,Harold Philadelphia, PA Manager

 

2.00 540.00 

 

1,080.00 

Aldana Herbas,Jose A. Chicago, IL Senior

 

26.40 485.00 

 

12,804.00 

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Name Location Title Time Hourly Rate 1 Total Individual 

Fees 

An,Kevin McLean, VA Senior

 

5.10 485.00 

 

2,473.50 

Bradley,Trenton Austin, TX Senior

 

210.60 485.00 

 

102,141.00 

Bush,Connor Aloysius Dallas, TX Senior

 

10.10 485.00 

 

4,898.50 

Cuellar,Camilo Andres Los Angeles, CA Senior

 

3.20 485.00 

 

1,552.00 

De Leon Miranda,Jorge 

Clemente 

Washington - 1101 

New York Ave Senior

 

2.30 485.00 

 

1,115.50 

Gelfond,Hilary Boston, MA Senior

 

89.90 485.00 

 

43,601.50 

Hawley,Nathaniel Stevens Dallas, TX Senior

 

11.30 463.00 

 

5,231.90 

Huntley,Ben Hoboken, NJ Senior

 

120.90 485.00 

 

58,636.50 

Knapp,Nicole Penelope Washington, DC Senior

 

1.40 485.00 

 

679.00 

Levine,Adam New York, NY Senior

 

0.50 463.00 

 

231.50 

Mammola,Frank New York, NY Senior

 

44.60 485.00 

 

21,631.00 

Mathews,Peter New York, NY Senior

 

0.50 463.00 

 

231.50 

Novotny,Melissa B Houston, TX Senior

 

16.40 422.00 

 

6,920.80 

Ramirez,Jessica I. New York, NY Senior

 

7.90 485.00 

 

3,831.50 

Ramirez,Jessica I. New York, NY Senior

 

2.60 463.00 

 

1,203.80 

Rubin,Joshua A. Washington, DC Senior

 

2.10 485.00 

 

1,018.50 

Stricklin,Todd New Orleans, LA Senior

 

27.50 485.00 

 

13,337.50 

Stricklin,Todd New Orleans, LA Senior

 

129.10 422.00 

 

54,480.20 

Thakkar,Juhee New York, NY Senior

 

81.50 485.00 

 

39,527.50 

Vazquez,Lynette Miami, FL Senior

 

34.10 485.00 

 

16,538.50 

Watson, Cole B. Washington, DC Senior

 

74.40 485.00 

 

36,084.00 

Watson, Cole B. Washington, DC Senior

 

8.00 242.50 

 

1,940.00 

Zhao,Leqi Washington, DC Senior

 

237.70 485.00 

 

115,284.50 

Zhao,Leqi Washington, DC Senior

 

28.60 463.00 

 

13,241.80 

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Name Location Title Time Hourly Rate 1 Total Individual 

Fees 

Botti,Modupe O. Washington, DC Staff 

 

3.10 265.00 

 

821.50 

Bush,Connor Aloysius Dallas, TX Staff 

 

31.40 282.00 

 

8,854.80 

Furnanz,Mia Rene New York, NY Staff 

 

5.70 265.00 

 

1,510.50 

Garcia,Daniel New York, NY Staff 

 

35.10 265.00 

 

9,301.50 

Garcia,Daniel New York, NY Staff 

 

18.60 255.00 

 

4,743.00 

Going,Olivia New York, NY Staff 

 

14.40 265.00 

 

3,816.00 

Going,Olivia New York, NY Staff 

 

7.20 255.00 

 

1,836.00 

Guzzo,Amber R Washington, DC Staff 

 

14.10 265.00 

 

3,736.50 

Lang,Siting Silvia Washington, DC Staff 

 

2.90 265.00 

 

768.50 

Morera,Santiago New York, NY Staff 

 

112.40 265.00 

 

29,786.00 

Netherland,Michael Joseph Dallas, TX Staff 

 

1.20 282.00 

 

338.40 

Neziroski,David New York, NY Staff 

 

32.10 265.00 

 

8,506.50 

Peltz,Harrison New York, NY Staff 

 

2.40 255.00 

 

612.00 

Sanchez Del Junco,Ana Beatriz 

New York - One 

Manhattan West Staff 

 

1.00 265.00 

 

265.00 

Sumberg,Owen McLean, VA Staff 

 

4.70 282.00 

 

1,325.40 

Vazquez,Lynette Miami, FL Staff 

 

10.40 255.00 

 

2,652.00 

 

Total 4,985.30 $3,356,644.95 

Note: Travel fees are billed out at 50% bill rate. Rate changes in table above for professionals is related to 

mid-year rate adjustments agreed by client and contained in contract. 

 

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EXHIBIT B 

EXPENSE DETAIL 

Name Title Date of Service Expense Category Expense Description 

Total The request herein is without prejudice to EY’s right to seek additional compensation for Title III Services performed and ex

Fee Period, which were not processed at the time of this Application. 

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EXHIBIT C 

SUMMARY OF COMPENSATION REQUESTED BY PROJECT CATEGORY 

Project Category Project Category Description Bille

PREPA - Creditor Mediation Support This category includes time spent collaborating with advisors to support the 

mediation process, preparing material and advising on strategy. + Activity focused on analysis and preparation of term sheets, preparation of creditor mediation materials and analysis, negotiations/mediation with creditors, and work on PREPA restructuring surrounding LUMA transition, PREPA VTP, CW mobility. 

PREPA - Fee Applications / Retention This category includes time spent preparing monthly and interim fee application 

PREPA - Long Term Projections This category includes time spent collaborating in the assessment of long-term 

financial projections including analysis of restructuring scenarios, development of long-term financial projections, funds available for creditors and analysis of creditor recoveries for other matters. + Activity focused on analysis of various PREPA fixed and variable charge scenarios and impact to Fiscal Plan, affordability, and analysis of pension cost scenarios for FP. 

PREPA - Non-working travel (billed at 50% of 

rates) 

This category includes all matters related to non-working travel and is billed at 50% of agreed upon rates. 

PREPA - Plan of Adjustment This category includes time spent collaborating in the development of a Plan of 

Adjustment, including the treatment of each creditor class, financial analysis surrounding pension costs and rate affordability and other financial and economic analyses. + Activity focused on various analyses of PREPA charges related to treatment of bond and pension debt, affordability of charge levels, cash balance analysis, recurring validation of accounts, and preparing requests for cash data, drafting of Plan of Adjustment materials and exhibits 

Total 

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EXHIBIT D 

DETAILED TIME RECORDS 

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EXHIBIT E 

BUDGET 

Project Category 

 Est. 

Hours 

Est. 

Fees 

Total EY 

Billed Hours 

PREPA ‐ Creditor Mediation Support 3,785 2,282,995 3

PREPA ‐ Fee Applications / Retention 95 58,866 

PREPA ‐ Long Term Projections 810 458,792 

PREPA ‐ Non‐working travel (billed at 50% of rates) 118 76,292 

PREPA ‐ Plan of Adjustment 1,745 1,097,346 1

Total 6,553 $ 3,974,292 4

Case:17-03283-LTS Doc#:24625 Filed:06/21/23 Entered:06/21/23 12:24:17 Desc: 

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EXHIBIT F 

STAFFING PLAN 

Category of Timekeeper 

Number of Timekeepers Expected 

to Work on the Matter During the 

Budget Period Average Hourly Rate 

Partner/Principal 8 $ 899.42 

Executive Director 6 873.32 

Senior Manager 14 764.05 

Manager 17 631.77 

Senior 21 474.75 

Staff 14 265.84 

Case:17-03283-LTS Doc#:24625 Filed:06/21/23 Entered:06/21/23 12:24:17 Desc: Main

Document Page 19 of 19