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)

Re: ECF No. 3881

URGENT CONTESTED MOTION OF THE FINANCIAL

OVERSIGHT AND MANAGEMENT BOARD FOR PUERTO

RICO, AS DEBTOR’S TITLE III REPRESENTATIVE,

REQUESTING FURTHER EXTENSION OF FILING DEADLINES 

(A) TO AUGUST 25, 2023 FOR SUBMISSION OF PREPA’S PROPOSED

AMENDED PLAN OF ADJUSTMENT AND RELATED DOCUMENTS

AND (B) TO AUGUST 30, 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 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 August 18, 2023, for Submission of PREPA’s 

Proposed Amended Plan of Adjustment and Related Documents and (b) to August 23, 2023, for 

Submission of Joint Status Report and Proposed Confirmation Schedule(s) [Case No. 17-4780, 

ECF No. 3881]3 (the “Plan Deadlines Extension Order”) from (A) August 18, 2023 to August 25, 

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 August 23, 2023 to August 30, 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:

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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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).

Relief Requested

3. Following entry of the Plan Deadlines Extension Order, the Oversight Board has 

continued to negotiate with mediation parties regarding treatment under the forthcoming Third 

Amended Plan. As stated in the Urgent Motion of the Financial Oversight and Management Board

for Puerto Rico, As Debtor’s Title III Representative, Requesting Further Extension of Filing 

Deadlines (A) to August 18, 2023 for Submission of PREPA’s Proposed Amended Plan of 

Adjustment and Related Documents and (B) to August 23, 2023 for Submission of Joint Status 

Report and Proposed Confirmation Schedule(s) [ECF No. 3880] (the “August 10 Extension 

Motion”), the Oversight Board has reached an agreement in principle with holders of substantial 

amounts of PREPA bonds to settle their respective claims against PREPA. The Oversight Board 

and these PREPA bondholders continue to finalize the necessary documents to effectuate this 

agreement. Because the parties and documents require input from numerous advisors such as tax 

counsel, bond counsel, financial advisors, and other consultants, the documentation is consuming 

more time than anticipated. Additionally, since filing the August 10 Extension Motion, the 

Oversight Board reached an agreement in principle with National Public Finance Guarantee Corp. 

(“National”) to align its agreement with the projections in the 2023 PREPA fiscal plan. The 

Oversight Board and National are currently finalizing the required documents to effectuate the 

agreement. 

4. Accordingly, the Oversight Board requests a further one-week extension of the 

August 18, 2023 plan filing deadline through August 25, 2023, and requests a similar extension of 

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the August 23, 2023 deadline to file the Joint Status Report regarding a proposed litigation 

schedule through August 30, 2023 to permit parties to review the Third Amended Plan before 

proposing a confirmation schedule. The Oversight Board hopes no further deadline extension will 

be required.

5. The Oversight Board is authorized to represent the Mediation Team, in light of the 

current circumstances, as detailed above, consents to the requested extension. 

Compliance With Case Management Procedures

6. Pursuant to Paragraph 1.H of the Seventeenth Amended Notice, Case Management 

and Administrative Procedures [Case No. 17-3283, ECF No. 24726-1], 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 effort to resolve the matter; and has made reasonable, good-faith communications in an effort 

to resolve the issues being brought to the Court.

7. 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 (the “Ad Hoc Group”), (c) Assured Guaranty Corporation 

(“Assured”), (d) Syncora Guarantee, Inc. (“Syncora”), (e) U.S. Bank National Association (the 

“Trustee”), (f) 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”),

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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(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

(“Golden Tree”), to determine whether they objected to the relief sought herein. Counsel to

National, AAFAF, ISCE, the Fuel Line Lenders, the Ad Hoc Committee, and PV Properties

indicated their clients do not object to the relief sought herein but reserve all rights. Counsel to 

the Ad Hoc Group, the Trustee, UTIER, SREAEE, and Assured indicated their clients take no 

position regarding the relief sought herein and reserve all rights. Counsel to Golden Tree and 

Syncora indicated their clients object to the relief sought herein, and intend to file an opposition

further explaining their clients’ positions. The Oversight Board did not receive a response from 

the Creditors’ Committee.

Notice

8. Notice of this Urgent Motion is being provided concurrently 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, (i) counsel to SREAEE, (j) counsel to the Creditors’ Committee, (k) counsel to the Ad 

Hoc Committee, (l) counsel to PV Properties, (m) counsel to ISCE, (n) counsel to Golden Tree; 

(o) the Office of the United States Trustee for the District of Puerto Rico; (p) the entities on the 

list of creditors holding the 20 largest unsecured claims against PREPA; (q) the Office of the 

United States Attorney for the District of Puerto Rico; (r) the Puerto Rico Department of Justice; 

(s) the United States Securities and Exchange Commission; 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.

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No Prior Request

9. 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: August 17, 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

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

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/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 CONTESTED MOTION OF THE 

FINANCIAL OVERSIGHT AND MANAGEMENT BOARD FOR PUERTO

RICO, AS DEBTOR’S TITLE III REPRESENTATIVE,

REQUESTING FURTHER EXTENSION OF FILING DEADLINES 

(A) TO AUGUST 25, 2023 FOR SUBMISSION OF PREPA’S PROPOSED

AMENDED PLAN OF ADJUSTMENT AND RELATED DOCUMENTS

AND (B) TO AUGUST 30, 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 Contested Motion of the Financial Oversight and Management Board for 

Puerto Rico, As Debtor’s Title III Representative, Requesting Further Extension of Filing 

Deadlines (A) to August 25, 2023 for Submission of PREPA’s Proposed Amended Plan of 

Adjustment and Related Documents and (B) to August 30, 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 through August 

25, 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 

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

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

other procedural issues, is extended through August 30, 2023.

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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