UNITED STATES DISTRICT COURT

FOR THE DISTRICT OF PUERTO RICO

------------------------------------------------------------------------- x

:

In re: :

:

THE FINANCIAL OVERSIGHT AND : PROMESA

MANAGEMENT BOARD FOR PUERTO RICO, : Title III

:

as representative of : Case No. 17-BK-3283 (LTS)

:

THE COMMONWEALTH OF PUERTO RICO, et al., : (Jointly Administered)

:

Debtors.1:

------------------------------------------------------------------------- x

STATUS REPORT OF THE OVERSIGHT BOARD 

ADDRESSING THE COURT’S DIRECTIVE IN ITS JUNE 7, 2018 ORDER

To the Honorable United States Magistrate Judge Judith Gail Dein:

The Commonwealth of Puerto Rico (the “Commonwealth”), the Puerto Rico Sales Tax 

Financing Corporation (“COFINA”), the Puerto Rico Highways and Transportation Authority 

(“HTA”), the Employees Retirement System of the Government of the Commonwealth of Puerto Rico

(“ERS”), and the Puerto Rico Electric Power Authority (“PREPA,” and together with the 

Commonwealth, COFINA, and HTA, the “Debtors”), by and through the Financial Oversight and 

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

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

 

1 The Debtors in these 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) 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), (iii) Puerto Rico Highways and Transportation Authority (“HTA”) (Bankruptcy Case No. 17-BK3567 (LTS)) (Last Four Digits of Federal Tax ID: 3808), (iv) Puerto Rico Sales Tax Financing Corporation 

(“COFINA”) (Bankruptcy Case No. 17-BK-3284 (LTS)) (Last Four Digits of Federal Tax ID: 8474), and (v) 

Puerto Rico Electric Power Authority (“PREPA”) (Bankruptcy Case No. 17 BK 4780-LTS) (Last Four Digits of 

Federal Tax ID: 3747).

Case:17-03283-LTS Doc#:3311 Filed:06/18/18 Entered:06/18/18 10:47:03 Desc: Main

Document Page 1 of 4
2

(“PROMESA”),2hereby submits this status report (the “Status Report”) addressing the Court’s 

directives from its June 7, 2018 order (the “Order”). Specifically, the Order directs the Oversight 

Board to report on the position of the Independent Investigator3 with respect to the issues addressed in 

the Renewed Motion, including, without limitation:

a. the Independent Investigator’s position with regard to the disclosure of search terms and 

custodians to the Official Committee of Unsecured Creditors of all Title III Debtors (other 

than COFINA) (the “UCC”) and the Official Committee of Retired Employees of the 

Commonwealth of Puerto Rico (the “Retiree Committee”);

b. the status of the availability of any production to the UCC and Retiree Committee of 

documents produced by parties to the Independent Investigator other than the Government 

Development Bank of Puerto Rico (“GDB”), Santander4and the Popular Entities5;

c. a description of the exit plan to be submitted by the Independent Investigator identified by 

the Oversight Board at the June 6, 2018 hearing. 

A statement of the Independent Investigator (“Statement”) responsive to the above directives is 

attached hereto as Exhibit A. Part A of the Statement is responsive to question (c) above. Part B of 

the Statement is responsive to questions (a) and (b) above. The Statement includes various related 

exhibits to further supplement the responses provided in Parts A and B. 

 

2

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

3 Capitalized terms not otherwise defined shall have the meaning given to them in Dkt. No. 3117.

4 As defined in Dkt. No. 3120.

5 As defined in Dkt. No. 3128.

Case:17-03283-LTS Doc#:3311 Filed:06/18/18 Entered:06/18/18 10:47:03 Desc: Main

Document Page 2 of 4
3

Dated: June 18, 2018

San Juan, Puerto Rico

Respectfully submitted,

/s/ Martin J. Bienenstock

Martin J. Bienenstock 

Stephen L. Ratner

Margaret A. Dale 

Timothy W. Mungovan 

(Admitted Pro Hac Vice)

PROSKAUER ROSE LLP

Eleven Times Square 

New York, NY 10036 

Tel: (212) 969-3000

Fax: (212) 969-2900

Email: mdale@proskauer.com 

/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

Attorneys for the Financial Oversight and 

Management Board for Puerto Rico as 

representative for the Debtors

Case:17-03283-LTS Doc#:3311 Filed:06/18/18 Entered:06/18/18 10:47:03 Desc: Main

Document Page 3 of 4
4

CERTIFICATE OF SERVICE

I hereby certify that, on this same date, I electronically filed the foregoing with the Clerk of the 

Court using the CM/ECF system, which will send notifications of such filing to all CM/ECF participants 

in this case.

/s/ Hermann D. Bauer

Hermann D. Bauer

Case:17-03283-LTS Doc#:3311 Filed:06/18/18 Entered:06/18/18 10:47:03 Desc: Main

Document Page 4 of 4