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Hearing Date: February 15, 2018 at 10:30 a.m. (Atlantic Standard Time)

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

PUERTO RICO ELECTRIC POWER AUTHORITY,

 Debtor.

PROMESA

Title III 

Case No. 17 BK 4780-LTS

[caption continued on next page]

 

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 The Debtors in the jointly-administered Title III cases, along with each Debtor’s respective Title III case number listed 

as a bankruptcy case number due to software limitations 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) 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); (iv) Puerto Rico Highways and Transportation Authority (“HTA”) 

(Bankruptcy Case No. 17 BK 3567-LTS) (Last Four Digits of Federal Tax ID: 3808); 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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THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

 as representative of

PUERTO RICO ELECTRIC POWER AUTHORITY,

 Movant,

v.

AD HOC GROUP OF GENERAL OBLIGATION 

BONDHOLDERS, et al.2

 Respondents,

UNOPPOSED URGENT INFORMATIVE MOTION OF 

THE FINANCIAL OVERSIGHT AND MANAGEMENT BOARD FOR PUERTO 

RICO REQUESTING COURT APPROVAL OF THE ATTACHED JOINT 

STIPULATION AND THE EXCUSAL OF ATTENDANCE OF EXPERT

DR. ANDREW WOLFE AT THE FEBRUARY 15, 2018 HEARING

REGARDING REQUEST FOR PREPA POST-PETITION FINANCING

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

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

representative 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”), respectfully submits this unopposed urgent informative motion (the “Urgent 

Motion”) pursuant to sections 105(a) and 364(d) of title 11 of the United States Code (the 

“Bankruptcy Code”), made applicable to the Debtor’s title III case pursuant to PROMESA section 

301(a), and in compliance with the Order Further Amending Case Management Procedures [Case 

No. 17-3283, Docket No. 1512] (the “Case Management Procedures”) and Puerto Rico Local 

 

2 The Respondents include: the Ad Hoc Group of General Obligation Bondholders, U.S. Bank National Association in 

its Capacity as PREPA Bond Trustee, the Ad Hoc Group of PREPA Bondholders, National Public Finance Guarantee 

Corporation, Ambac Assurance Corporation, Assured Guaranty Corp., Assured Guaranty Municipal Corp., Syncora 

Guarantee Inc. Other Respondents not a party to this stipulation include: Arc American, Inc., Whitefish Energy 

Holdings, LLC, Scotiabank de Puerto Rico, Solus Alternative Asset Management LP, the Official Committee of 

Unsecured Creditors, and Siemens Transportation Partnership Puerto Rico, S.E.

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Bankruptcy Rule 9013-1 (“Local Rule 9013-1”), requesting that, in connection with the Urgent Joint 

Motion of the Financial Oversight and Management Board for Puerto Rico and the Puerto Rico 

Fiscal Agency and Financial Advisory Authority for Entry of Interim and Final Orders (A) 

Authorizing Postpetition Secured Financing, (B) Granting Priming Liens and Providing Superpriority 

Administrative Expense Claims, (C) Modifying the Automatic Stay, (D) Scheduling a Final Hearing, 

and (E) Granting Related Relief [ECF No. 549] (the “Postpetition Financing Motion”) [ECF No. 549], 

the Court enter the stipulation attached hereto as Exhibit A (the “Stipulation”) as an order and excuse 

Movants’ witness, Dr. Andrew Wolfe, from attending the February 15, 2018 hearing. In support of 

this Unopposed Urgent Informative Motion, the Oversight Board and the Debtor respectfully 

represent as follows:

Jurisdiction and Venue

1. The Court has subject-matter jurisdiction over this Unopposed Urgent Informative 

Motion pursuant to PROMESA section 306(a).

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

Background

3. On January 27, 2018, the Oversight Board, together with the Puerto Rico Fiscal 

Agency and Financial Advisory Authority (“AAFAF”) and PREPA, filed the Postpetition 

Financing Motion to resolve an urgent liquidity crisis at PREPA. [Dkt. 549].

4. On February 2, 2018, the Court entered an order which, inter alia, scheduled a 

final hearing on the Postpetition Financing Motion for February 15, 2018. [Dkt. 616].

5. In connection with the Postpetition Financing Motion, the Oversight Board 

submitted the Declaration of Andrew Wolfe In Support of Urgent Motion of Debtor Puerto Rico 

Electric Power Authority for Entry of Interim and Final Orders (A) Authorizing Postpeition 

Secured Financing, (B) Granting Priming Liens and Providing Superpriority Administrative 

Expense Claims, (C) Modifying the Automatic Stay, (D) Scheduling a Final Hearing, and (E) 

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Granting Related Relief. [Dkt. 549-2].

6. The parties have conferred regarding the subject of Dr. Wolfe’s opinions offered 

in support of the Postpetition Financing Motion in an effort to streamline the final hearing and to 

avoid additional costs and expenses. Accordingly, the Objecting Parties, as defined in the 

Stipulation, and the Movants have agreed to the Stipulation. In addition, the Objecting Parties 

have represented to the Movants that no party objecting to the Postpetition Financing Motion 

objects to (i) the Stipulation being entered as an order or (ii) Dr. Wolfe being excused from 

appearing to testify at the final hearing. 

Reservation of Rights

7. PREPA and the Oversight Board reserve all rights with respect to the Postpetition 

Financing Motion, and nothing in this Urgent Informative Motion should be considered a waiver 

of any argument.

WHEREFORE, the Oversight Board respectfully requests that the Court grant this Motion 

and order such other relief as justice requires. 

[Remainder of Page Intentionally Left Blank]

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Dated: February 13, 2018

San Juan, Puerto Rico

Respectfully submitted,

/s/ Martin J. Bienenstock

Martin J. Bienenstock (pro hac vice) 

Paul V. Possinger (pro hac vice) 

Ehud Barak (pro hac vice)

Maja Zerjal (pro hac vice)

PROSKAUER ROSE LLP

Eleven Times Square 

New York, NY 10036 

Tel: (212) 969-3000

Fax: (212) 969-2900

Attorneys for the Financial Oversight and 

Management Board as representative for the 

Debtor

/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

Co-Attorneys for the Financial Oversight and 

Management Board as representative for the 

Debtor

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