UNITED STATES DISTRICT COURT 

DISTRICT OF PUERTO RICO

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

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

 as representative of 

PUERTO RICO ELECTRIC POWER 

AUTHORITY (“PREPA”), 

 Debtor.

1

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

PROMESA

Title III

No. 17 BK 04780-LTS

(Jointly Administered)

SUMMARY SHEET ACCOMPANYING SECOND INTERIM FEE APPLICATION

OF MCKINSEY & COMPANY, INC. WASHINGTON D.C.

AS CONSULTING SERVICES PROVIDER TO THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO, AS REPRESENTATIVE OF PUERTO 

RICO ELECTRIC POWER AUTHORITY, FOR THE PERIOD FROM

OCTOBER 1, 2017 THROUGH JANUARY 31, 2018

Name of Applicant: McKinsey & Company, Inc. Washington D.C. 

 (“McKinsey”)

Authorized to Provide Services to: The Financial Oversight and Management Board for 

Puerto Rico, as Representative of Puerto Rico Electric 

Power Authority, Debtor Pursuant to PROMESA 

Section 315(b)

Period for which Compensation

and Reimbursement is Sought: October 1, 2017 through January 31, 2018

Monthly Fee Statements Subject Consolidated Second Monthly Fee Statement

to Second Interim Fee Request: for Compensation for Services Rendered 

From October 1, 2017 Through October 31, 2017,

dated January 16, 2018

Consolidated Third Monthly Fee Statement for 

Compensation for Services Rendered From November 

 1 The last four (4) digits of PREPA’s federal tax identification number are 3747.

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Exhibit C Page 1 of 90
2

1, 2017 Through January 31, 2018, dated March 16, 

2018

Total Fees Requested for Second 

Interim Compensation Period: $2,960,000.00

Total expenses requested: $0.002

Total fees and expenses: $2,960,000.00

Second Interim Holdback: $296,000.00 (10%)

Total payment requested for

Second Interim Period: $2,294,000.00 (90% of unpaid fees totaling 

$1,998,000.00 plus 10% holdback of $296,000.00) 

Total fees and expenses paid to date 

or subject to an Objection: $1,998,000.00 paid to date (90% of First Interim 

Fee Application requested fees of $2,220,000.00)

Type of Application: Second Interim Fee Application:

Title III Support for PREPA

Deadline for parties other than notice 

parties to file objections: April 9, 2018

 2 McKinsey provides services on a fixed fee basis, and as such, seeks no reimbursement of expenses.

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3

UNITED STATES DISTRICT COURT 

DISTRICT OF PUERTO RICO

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

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

 as representative of 

PUERTO RICO ELECTRIC POWER 

AUTHORITY (“PREPA”),

 Debtor.

3

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

PROMESA

Title III

No. 17 BK 04780-LTS

(Jointly Administered)

SECOND INTERIM FEE APPLICATION

OF MCKINSEY & COMPANY, INC. WASHINGTON D.C. 

AS CONSULTING SERVICES PROVIDER TO THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO, AS REPRESENTATIVE OF PUERTO 

RICO ELECTRIC POWER AUTHORITY, FOR THE PERIOD FROM 

OCTOBER 1, 2017 THROUGH JANUARY 31, 2018

McKinsey & Company, Inc. Washington D.C. (“McKinsey”), strategic consultants to Debtor

in the above-captioned case, respectfully represents:

INTRODUCTION

1. By this second interim fee application (the “Second Interim Fee Application”), McKinsey seeks 

the allowance and payment of compensation for professional services related to Title III support 

for Puerto Rico Electric Power Authority (“PREPA” or the “Debtor”) rendered pursuant to the

First Amended Order Setting Procedures for Interim Compensation and Reimbursement of 

Expenses of Professionals, entered on November 8, 2017 [Docket Number 1715] (the “Interim 

 3

 The last four (4) digits of PREPA’s federal tax identification number are 3747.

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Compensation Order”), the applicable provisions of Title 11 of the United States Code (the 

“Bankruptcy Code”), the Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”), the 

Local Bankruptcy Rules of the United States Bankruptcy Court for the District of Puerto Rico 

(the “Local Rules”) and Appendix B of the U.S. Trustee’s Guidelines for Reviewing Applications 

for Compensation and Reimbursement of Expenses Filed Under 11 U.S.C. §330 by Attorneys in 

Large Chapter 11 Cases Effective as of November 1, 2013 (the “U.S. Trustee Guidelines,” and 

together with the Interim Compensation Order, the Bankruptcy Code, the Bankruptcy Rules and 

the Local Rules, the “Code and Rules”). Pursuant to the Bankruptcy Code, the Bankruptcy Rules 

and the Local Rules, the Certification of Tyler Duvall, a Partner of McKinsey, regarding 

compliance with the statutory and legal authority cited above is attached hereto as Exhibit A. 

2. By this Second Interim Fee Application, McKinsey seeks allowance of compensation for 

professional services performed by McKinsey for PREPA for the period from October 1, 2017 

through January 31, 2018 (the "Compensation Period") in the aggregate amount of

$2,960,000.00, representing 100% of fees incurred during the Compensation Period. McKinsey

submits that allowance and payment of this amount is fully warranted given the actual and 

necessary services rendered to the Debtor by McKinsey, as described in this Second Interim Fee 

Application. The Debtor has not previously paid any amounts in respect of the foregoing 

requested fees and expenses.

BACKGROUND AND JURISDICTION

3. On May 3, 2017 (the “Petition Date”), PREPA, by and through the Financial Oversight and 

Management Board for Puerto Rico (the “Oversight Board”), as PREPA’s representative 

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

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Act (“PROMESA”), filed a petition (the “Petition”) with the United States District Court for the 

District of Puerto Rico (the “Court”) under Title III of PROMESA.

4. On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation (“COFINA,” and together 

with the Commonwealth (the “Commonwealth”) of Puerto Rico, the “Debtors”), by and through 

the Oversight Board, as COFINA’s representative pursuant to PROMESA section 315(b), filed 

a petition (“COFINA’s Petition,” and together with the Commonwealth’s Petition, the 

“Petitions”) with the Court under Title III or PROMESA. The filings of the Petitions constitute 

orders for relief under Title III of PROMESA.

5. On May 9, 2017, the Debtor filed a motion seeking the joint administration of the Title III cases 

(the “Title III Cases”) for procedural purposes only, pursuant to PROMESA section 304(g) and 

Bankruptcy Rule 1015, made applicable to these Title III Cases by PROMESA section 310. On 

June 1, 2017, the Court ordered that the cases be consolidated for procedural purposes and be 

jointly administered. 

6. On June 15, 2017, an Official Committee of Unsecured Creditors and an Official Committee of 

Retirees was appointed in the Title III case by the United States Trustee for Region 21.

7. On November 8, 2017, the Court entered the First Amended Order Setting Procedures for 

Interim Compensation and Reimbursement of Expenses of Professionals (the “Interim 

Compensation Order”), which directs that professionals in the Title III Cases be paid interim 

compensation and outlines the procedures by which professionals are to submit, at four-month 

intervals, “an application for interim Court approval and allowance of the payment of 

compensation.” 

8. This Court has subject matter jurisdiction over this matter pursuant to PROMESA section 306(a). 

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

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THE RETENTION OF MCKINSEY

9. On or about July 3, 2017, McKinsey & Company, Inc. Washington DC (“McKinsey”), a 

management consulting firm that serves the federal government, state and local agencies and the 

private sector, was retained by the Board to provide consulting services in support of the Title 

III litigation (the “Consulting Agreement”). The scope of this Second Interim Fee Application 

relates to the Consulting Agreement’s Scope of Work for Title III Support for PREPA (“PREPA 

SOW”). 

10. At the Board’s request, and consistent with how McKinsey serves its federal, state, local 

government, and commercial clients, McKinsey’s fee structure under the PREPA SOW of the

Consulting Agreement was constructed on a deliverables-based monthly firm fixed price basis

of $740,000.00.

11. These fixed monthly rates are similar to rates that McKinsey charges for professional services 

rendered in comparable matters. Such fees are reasonable based on the customary compensation 

in a competitive market.

12. There is no agreement or understanding between McKinsey and any other nonaffiliated person 

for the sharing of compensation to be received for services rendered in the Title III Cases.

SUMMARY DESCRIPTION OF SERVICES PERFORMED –

TITLE III SUPPORT FOR PREPA

13. Set forth below is a brief summary of the principal matters on which McKinsey provided 

services in connection with the PREPA SOW during the Compensation Period. The summary is 

intended to be just that – a summary – and not a detailed description of all the work performed

during the Compensation Period. The complete details setting forth the day-to-day services 

provided by McKinsey professionals is included in McKinsey’s Consolidated Second Monthly 

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Fee Statement for Compensation For Services Rendered from October 1, 2017 through October 

31, 2017 (the “Second Monthly Fee Statement”), and in McKinsey’s Third Monthly Fee Statement

for Compensation For Services Rendered from November 1, 2017 through January 31, 2018 (the 

“Third Monthly Fee Statement”), attached hereto as Exhibit B. A list of McKinsey professionals 

who rendered services during the Compensation Period is attached hereto as Exhibit C.

Title III Support for PREPA

October 2017:

During the month of October, McKinsey’s PREPA Title III Team developed an initial view 

of PREPA post-hurricane, from a financial, operational, and strategic perspective. From a financial 

perspective, the McKinsey team estimated the operational funding deficit and reconstruction costs 

for PREPA resulting from the hurricane, for the seven quarters following the hurricane, for the 

purposes of a federal funding and loan request. From an operational perspective, the McKinsey team

developed the scope, responsibility, and initial roadmap for a PREPA Chief Transformation Officer 

appointed by the FOMB (note that this appointment was later rejected by the court). Finally, from 

a strategic perspective, the McKinsey team developed an initial view of the options and costs to 

rebuild the power grid in Puerto Rico to be resilient for future storms, as well as finalized a draft of 

the pre-hurricane Transformation.

The core activities related to Title III support for PREPA during the period included:

■ Developed and updated complete pre-hurricane Transformation Plan draft for federal and 

other stakeholder briefings on PREPA pre-hurricane state

– government-drafted materials with content developed on privatization and future 

generation mix

– Finalized recommendations for Transformation Plan next steps

– Developed summary briefing materials

■ Estimated PREPA operational funding deficit and reconstruction costs for FY Q2 2018 

and through FY Q4 2019 for initial federal funding request

– Worked in collaboration with PREPA advisors to estimate post-hurricane changes in 

revenue and operating costs

– Developed top-down estimate of reconstruction costs based on initial damage report 

and benchmarked unit costs for system

■ Drafted PREPA Interim Manager scope and responsibilities

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■ Provided Board update on PREPA during PREPA subcommittee meeting including 

overview of pre-Maria transformation planning efforts; estimate of damage and repair 

costs; outline of key Board decisions on Fiscal Planning, interim manager appointment, 

privatization, and short and long-term reconstruction; and immediate next steps for Board

■ Prepared Board-appointed PREPA Chief Transformation Officer for role

– Outlined organizational structure for CTO support

– Developed Day 1, week 1, month 1 action plan for CTO

– Developed avenues to bring utility expertise to CTO role

■ Developed initial view of options to re-build a resilient power grid in Puerto Rico

– Estimated costs and benefits of grid hardening in Puerto Rico

– Estimated costs and benefits of redesigning the grid to be more resilient (e.g. microgrid 

locations, generation closer to load centers)

– Participated in meeting with industry and academic experts on building a resilient 

power grid in Puerto Rico

November 2017:

During the month of November, McKinsey’s PREPA Title III Team conducted analyses to 

develop the Board’s perspective on evaluating the current state of PREPA, the electric grid, and the 

how the current Fiscal Plan will be revised to reflect new objectives and implementation posthurricanes. The work consisted of three major categories of analysis: 

(1) Transformation Plan guidance including principles and expectations; 

(2) Macro resource planning including an understanding of damage and implications for 

reconstruction and future investment; 

(3) Operational analysis focused on improvements to PREPA and understanding liquidity. 

The work of the McKinsey Team led to an early perspective on principles to guide the development 

of the new Fiscal Plan, potential for operational improvements, and an understanding of the current 

grid and options for the future. These activities also identified outstanding questions the Board may 

need to consider in its evaluation of the Government’s submitted fiscal plan. Throughout the month, 

the McKinsey Team also reinstated weekly Transformation Plan Working Group sessions with key 

stakeholders and held conversations with a variety of experts to help inform the Board’s next steps. 

The November work set the stage for an independent perspective on key components of the Fiscal 

Plan and communication to set expectations for the Fiscal Plan submission in the month of 

December.

The core activities related to Title III support for PREPA during the period included:

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■ Establish criteria for evaluation of Fiscal Plan

– Identified key components in a Fiscal Plan which would lead to expedited restoration and 

a sustainable power sector in Puerto Rico

– Developed set of guiding principles aligned with principles established for Commonwealth 

to incorporate into PREPA Fiscal Plan

– Aligned with government on roles and responsibilities for Transformation Plan

– Aligned with government on analyses needed for Transformation Plan updates

– Briefed Board on evaluation of drafts/working papers related to Fiscal Plan 

■ Organized weekly Transformation Plan Working Group 

– Established weekly meeting to monitor key concerns, align on expectations for Fiscal 

Plan, and provide forum for communication and sharing (working group meetings – Nov 

10, 15, 22)

– Built dashboard to understand restoration goals and progress

– Set up weekly liquidity dialogue to understand near-term position 

■ Support models and documentation for key components

– Developed bottom-up model to understand implications of damage and reports

– Developed model to understand cost of restoration and implications of resiliency and 

generation additions on long-term capital expenditures and operating expenses in different 

scenarios

– Created a list of data needed to inform view and obtained initial figures

■ CTO planning and operational support for PREPA

– Participated in three CTO planning meetings to develop a CTO day 1 action plan, shortterm goals, and options for further action

– Created go-forward plan for Board post-CTO decision

– Submitted Critical Projects Final Report draft for Energy Answers to Revitalization 

Coordinator for review

■ Establish path towards Privatization 

– Evaluated trade-offs between different privatization and other short-term management 

options

– Created preliminary set of KPIs to evaluate bids 

December 2017:

During the month of December, McKinsey’s PREPA Title III Team continued to conducted 

analyses to develop the Board’s perspective on evaluating the current state of PREPA, the electric 

grid, and work in progress Fiscal Plan which is being revised to reflect goals and implementation 

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post-hurricanes. The work consisted of three major categories of analysis: 

(1) Macro resource planning including an understanding of optimal cases for generation, grid design, 

and market structure; 

(2) Industry structure including paths towards privatization and implications; 

(3) Regulatory design to incentivize best practices and encourage investment.

The work of the McKinsey Team led to a publicly distributed view on principles to guide the 

development of the new Fiscal Plan, a view on optimal grid design components, and an 

understanding of privatization potential including paths, stakeholders, roles, and interests. These 

activities also identified outstanding questions the Board may need to consider in its evaluation of 

Government’s submitted Fiscal Plan and privatization options. The December work set the stage for 

a review of the upcoming Fiscal Plan and a view which can be incorporated or used as a benchmark 

for the Plan.

The core activities related to Title III support for PREPA during the period included:

■ Establish view on key components of Fiscal Plan including starting points for IRP decisions

– Developed demand forecast to incorporate new environment

– Built view on generation potential in new potential scenarios 

– Evaluated grid and market structures to determine best fits for Puerto Rico

– Aligned with government on analyses needed for Transformation Plan updates

– Briefed Board on key components of Fiscal Plan 

■ Conduct Transformation Plan Working Group 

– Continued weekly meetings to monitor key concerns, aligned on expectations for Fiscal 

Plan, and provide forum for communication and sharing

– Maintained weekly liquidity dialogue to attempt to understand near-term position 

■ Support models and documentation for key components

– Built financial model to understand cost drivers and impact on rate structure

– Demand forecast to provide view on demand environment where typical regression may 

not be applicable due to major shift

– Built in-depth energy generation model to comprehensively evaluate options

■ Evaluate paths towards privatization 

– Created path towards privatization which incorporated returns under different models, 

timing considerations, stakeholders, tools available to the Board, and required stakeholder 

actions (e.g., regulatory structure and federal funding)

– Created a list of KPIs to evaluate bids and hold investors accountable for performance

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■ Explore regulatory structures and applicability in Puerto Rico

– Evaluated tradeoffs between structures across value chain and steps required for 

implementation

– Identified alternatives for Puerto Rico across a range of factors

■ Crafted public letter outlining principles guiding evaluation of Fiscal Plan

January 2018:

During the month of January, McKinsey’s PREPA Title III Team conducted analyses and 

diligence to develop the Board’s perspective on the latest PREPA Fiscal Plan, submitted in draft 

form January 10th and to be certified in March, which will be further refined and revised to reflect 

goals and implementation post-hurricane. The work consisted of three major categories of analysis:

(1) Developing the Board’s perspective on the PREPA revised Fiscal Plan: This work consisted 

of four major categories of analysis: (1) Macro resource planning including an understanding 

of optimal cases for generation, grid design, and market structure in the new projected 

demand environment; (2) Industry structure including paths towards privatization and 

implications; (3) cost saving opportunities through overhead reduction and subsidy reform; 

and (4) rate structure and design to enable a sustainable utility operating model while 

preserving customer flexibility; as well as diligence of PREPA’s Fiscal Plan. This work led 

to a set of required revisions to the PREPA Fiscal Plan communicated to the Government 

and PREPA through a Notice of Violation issued February 4th, as well as a Board perspective 

on the pathway to achieve reliable, resilient power at lower electricity rates in Puerto Rico.

(2) Developing a perspective on the Government’s proposed model for an energy regulator: This 

work consisted of developing an independent perspective on the ideal future state energy 

regulator in Puerto Rico, as well as evaluating proposals, both in the Commonwealth Fiscal 

Plan and in proposed Puerto Rico legislation, by the Government for a future state energy 

regulator. This work led to an aligned view with the Government on the needed model to 

ensure a robust and independent energy regulator.

(3) Diligence on a request for emergency financing to be provided from the Commonwealth to 

PREPA: This work consisted of working sessions, document, and data review to assess the 

need for a loan proposed by the Commonwealth to PREPA for immediate liquidity needs, as 

well as diligence on potential cash management measures for PREPA to undertake. This 

work led to a set of agreed-upon cash management data and metrics, with timelines and 

targets, to be provided by PREPA to the Board as part of the reporting requirements for 

receipt of the loan. 

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The core activities related to Title III support for PREPA during the period included:

■ Developing Board’s perspective on the PREPA revised Fiscal Plan 

– Refined view of demand forecast and least cost power generation outlook; translated into 

potential fuel cost savings

– Developed perspective on utility concession model, focusing on viability in Puerto Rico

– Analyzed existing power sector concession examples to create a potential framework for 

PREPA

– Analyzed potential realistic scenarios for federal funding and implications for utility 

financial structure

– Developed model for rate structure and design choices

– Developed financial model for future state utility operator 

– Estimated potential operations and maintenance savings from PREPA achieving 

efficiencies in line with mainland US utilities

– Analyzed PREPA’s draft Fiscal Plan against Board perspective

– Developed set of initial and final required revisions for PREPA’s Fiscal Plan as a 

condition of certification

■ Developing a perspective on the Government’s proposed model for an energy regulator

– Analyzed case examples and existing models to develop a perspective on the preferred 

regulatory model in Puerto Rico

– Conducted diligence on proposal by Government within draft Commonwealth Fiscal Plan 

and within legislation proposed in the Puerto Rico House and Senate to replace current 

state energy regulator with a consolidated Public Services Commission

– Led meetings with PREPA and Board advisors to develop a shared view of the end state 

energy regulator and transitional state to achieve end state

– Presented and aligned on final view of energy regulator with Board and Government

■ Diligence on the request for emergency financing to be provided by the Commonwealth the 

PREPA

– Led diligence session with Board and Government to develop view of current cash flow 

situation and cash management initiatives currently under way

– Developed request for documentation supporting current cash flow situation, e.g. AP/AR 

aging report, purchased power payment record and contract terms

– Developed cash management initiatives with target levels of cost reduction or revenue 

enhancement, milestones, and reporting requirements, to be included as part of regular 

reporting to Board during period of loan withdrawals

– Advised counsel on loan terms and conditions, e.g. size and frequency of allowable draws

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SUMMARY OF PROFESSIONAL COMPENSATION REQUESTED

14. Pursuant to the Interim Compensation Order, on December 12, 2017, McKinsey served on the 

Notice Parties (as defined therein) the Consolidated First Monthly Fee Statement for services 

rendered from July 1, 2017 through and including September 30, 2017 (the “Consolidated First

Monthly Fee Period”). On February 2, 2018, McKinsey was paid $1,332,000.00, representing 

ninety (90%) of its requested fees of $1,480,000.00,

4 in connection with McKinsey’s services 

related to Title III support for PREPA during the Consolidated First Monthly Fee Period, leaving 

an outstanding ten (10%) percent holdback (the “First Interim Holdback”) of $148,000.00

15. In accordance with the Interim Compensation Order, on December 15, 2017, McKinsey filed its 

First Interim Fee Application (the “First Interim Fee Application”) for the period May 3, 2017 

through and including September 30, 2017 (the “First Interim Compensation Period”) [Docket 

No. 2074]. Pursuant to the First Interim Fee Application, McKinsey sought (i) an interim 

allowance of $4,608,000.00, representing ninety (90%) percent of its total fees of $5,120,000.00 

incurred during the First Interim Compensation Period and (ii) payment of the outstanding ten 

(10%) percent holdback (the “First Interim Holdback”) in the amount of $512,000.00. Pursuant 

to the Court’s Order dated March 7, 2018, the hearing on the First Interim Fee Application was 

deferred on consent to April 25, 2018 [Docket No. 2685]. 

16. In accordance with the Interim Compensation Order, on January 16, 2018, McKinsey served on 

the Notice Parties (as defined therein) the Second Monthly Fee Statement for services rendered 

from October 1, 2017 through October 31, 2017 (the “Second Monthly Fee Period”). On 

 4 Of the $5,120,000.00, $1,480,000.00 represents requested compensation for professional services related to Title III 

support for PREPA, of which 90%, in the amount of $1,332,000.00, was paid on February 2, 2018. The balance of 

$3,640,000.00 represents requested compensation related to other scopes of work performed during the Consolidated 

First Monthly Fee Period under the Consulting Agreement. 

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February 28, 2018, McKinsey was paid $666,000.00, representing ninety (90%) of its requested 

fees of $740,000.00 in connection with McKinsey’s services related to Title III support for 

PREPA during the Second Monthly Fee Period, leaving an outstanding ten (10%) percent 

holdback (the “First Interim Holdback”) of $74,000.00.

17. In accordance with the Interim Compensation Order, on March 16, 2018, McKinsey served on 

the Notice Parties (as defined therein) the Third Monthly Fee Statement for services rendered 

from November 1, 2017 through January 31, 2018 (the “Third Monthly Fee Period”).

18. As reflected in the Third Monthly Fee Statement, during the Third Monthly Fee Period, 

McKinsey incurred $2,220,000.00 in fees related to Title III support for PREPA and sought 

payment of ninety (90%) percent of such fees ($1,998,000.00) in accordance with the Interim 

Compensation Order. To date, McKinsey has not been paid any fees for services rendered during 

the Third Monthly Fee Period.

19. Pursuant to this Second Interim Fee Application, McKinsey seeks an interim allowance and 

payment of $2,960,000.00, representing ninety (90%) percent of its total fees ($2,664,000.00) 

incurred during the Compensation Period along with payment of the outstanding ten (10%) 

percent holdback (the “Second Interim Holdback”) in the amount of $296,000.00, for a total of 

$2,960,000.00.

20. All services performed by McKinsey for which fees are requested herein were performed or 

incurred for and on behalf of the Debtor and were not for any other person or entity.

THE REQUESTED COMPENSATION SHOULD BE ALLOWED

21. Section 331 of the Bankruptcy Code provides for interim compensation of professionals and 

incorporates the substantive standards of section 330 to govern the Court's award of such 

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compensation. Section 330 of the Bankruptcy Code provides that a court may award a 

professional "reasonable compensation for actual necessary services rendered ... and 

reimbursement for actual, necessary expenses." 11 U.S.C. § 330(a)(1). Section 330 sets forth the 

criteria for the award of such compensation and reimbursement:

In determining the amount of reasonable compensation to be awarded ..., the 

court should consider the nature, the extent, and the value of such services, 

taking into account all relevant factors, including-

(A) the time spent on such services;

(B) the rates charged for such services;

(C) whether the services were necessary to the administration of, or 

beneficial at the time at which the service was rendered toward the completion 

of, a case under this title;

(D) whether the services were performed within a reasonable amount of 

time commensurate with the complexity, importance, and nature of the 

problem, issue, or task addressed;

(E) with respect to a professional person, whether the person is board 

certified or otherwise has demonstrated skill and experience in the bankruptcy 

field; and

(F) whether the compensation is reasonable based on the customary 

compensation charged by comparably skilled practitioners in cases other than 

cases under this title 11 U.S.C. § 330(a)(3).

22. As demonstrated by this Second Interim Fee Application and the exhibits attached hereto, the 

services that McKinsey rendered during the Compensation Period were reasonable, necessary 

and appropriate. McKinsey expended its time economically and without unnecessary duplication 

of effort. In addition, the work conducted was carefully assigned to appropriate professionals, 

according to the experience and level of knowledge required for each particular task. 

Accordingly, approval of the compensation sought herein is warranted.

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CONCLUSION

WHEREFORE, McKinsey respectfully requests that the Court enter an order (i) awarding 

McKinsey an interim allowance and payment of compensation for the Compensation Period in the 

total amount of $2,960,000.00, (ii) directing payment by the Debtor of any and all outstanding 

amounts allowed but not yet paid by the Debtor pursuant to the Interim Compensation Order, 

including the Second Interim Holdback in the amount of $296,000.00, (iii) authorizing and directing 

the Debtor to pay McKinsey the total amount of such interim fees, and (iv) granting such other relief 

as this Court deems just and proper.

Dated: March 19, 2018 McKinsey & Company, Inc. Washington DC

Washington DC

 s/ Tyler Duvall 

Tyler Duvall, Partner

McKinsey & Company, Inc. Washington DC

1200 19th Street NW Suite 1100

Washington DC 20036

Telephone: (202) 662 0078

Email: tyler_duvall@mckinsey.com

Strategic Consultant to the Debtor

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Certificate of Service

1. Notice of this Second Interim Fee Application has been or will be provided by overnight delivery 

to:

FOMB:

Financial Oversight and Management Board

40 Washington Square South

Office 314A

New York, NY 10012

Attn: Professor Arthur J. Gonzalez

FOMB Board Member

Co-Counsel for FOMB:

Proskauer Rose LLP,

Eleven Times Square

New York, NY 10036

Attn: Martin J. Bienenstock, Esq. and Ehud Barak, Esq.

 And

Proskauer Rose LLP

70 West Madison Street, Chicago, IL 60602

Attn: Paul V. Possinger, Esq.

Co-Counsel for FOMB:

O’Neill & Borges LLC, 

250 Muñoz Rivera Ave.

Suite 800

San Juan, PR 00918

Attn: Hermann D. Bauer, Esq.

Counsel for AAFAF:

O’Melveny & Myers LLP,

Times Square Tower, 7 Times Square

New York, NY 10036

Attn: John J. Rapisardi, Esq.

Suzzanne Uhland, Esq.

Diana M. Perez, Esq.

Office of United States Trustee:

Office of the United States Trustee for the District of Puerto Rico

Edificio Ochoa, 500 Tanca Street

Suite 301

San Juan, PR 00901

Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 17 of 90
18

(In re: Commonwealth of Puerto Rico)

Co-Counsel for the Official Committee of Unsecured Creditors:

Paul Hastings LLP 

200 Park Avenue

New York, NY 10166

Attn: Luc. A. Despins, Esq.

Andrew V. Tenzer, Esq.

Michael E. Comerford, Esq.

G. Alexander Bongartz, Esq.

 and

Casillas, Santiago & Torres, LLC (Proposed)

El Caribe Office Building 

53 Palmeras Street, Ste. 1601 

San Juan, Puerto Rico 00901-2419 

Attn: Juan J. Casillas Ayala, Esq.

 Diana M. Batlle-Barasorda, Esq.

 Alberto J. E. Añeses Negrón, Esq.

 Ericka C. Montull-Novoa, Esq.

Co-Counsel for the Official Committee of Retired Employees:

Jenner & Block LLP

919 Third Ave.

New York, NY 1022-3908

Attn.: Robert Gordon, Esq.

 Richard Levin, Esq.

 and

Bennazar, Garcia & Millian, C.S.P.

Edificio Union Plaza, PH-A Piso 18

Avenida Ponce de Leon #416

Halto Rey, San Juan

Puerto Rico 00918

Attn.: A.J. Bennazar- Zequeira, Esq.

Fee Examiner

Brady Williamson

One East Main Street

Suite 500

Madison, WI 53703-3300

Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 18 of 90
EXHIBIT A

Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 19 of 90
UNITED STATES DISTRICT COURT 

DISTRICT OF PUERTO RICO

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

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

 as representative of 

PUERTO RICO ELECTRIC POWER 

AUTHORITY (“PREPA”),

 Debtor.

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

PROMESA

Title III

No. 17 BK 04780-LTS

(Jointly Administered)

CERTIFICATION OF TYLER DUVALL IN SUPPORT OF SECOND INTERIM FEE 

APPLICATION OF MCKINSEY & COMPANY, INC. WASHINGTON D.C. 

AS CONSULTING SERVICES PROVIDER TO THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO, AS REPRESENTATIVE OF PUERTO 

RICO ELECTRIC POWER AUTHORITY, FOR THE PERIOD 

FROM OCTOBER 1, 2017 THROUGH JANUARY 31, 2018

I, Tyler Duvall, certify as follows:

1. I am a Partner in the firm of McKinsey & Company, Inc. Washington DC (“McKinsey”). 

I submit this certification with respect to the second interim fee application of McKinsey 

as consulting services provider in the above-captioned case (the "Second Interim Fee 

Application") for the allowance of compensation for professional services rendered 

during the relevant application period.

2. I make this certification in accordance with the First Amended Order Setting Procedures 

for Interim Compensation and Reimbursement of Expenses of Professionals, entered on 

November 8, 2017 [Docket Number 1715] (the “Interim Compensation Order").

3. In connection therewith, I hereby certify that:

(a) I have read the Second Interim Fee Application;

(b) To the best of my knowledge, information and belief formed after reasonable inquiry, 

the fees sought in the Second Interim Fee Application are in substantial compliance 

with the Interim Compensation Order and the United States Trustee Guidelines for 

Reviewing Applications for Compensation and Reimbursement of Expenses Filed 

Under 11 U.S.C. § 330, adopted on January 30, 1996; and

Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 20 of 90
(c) The Debtor, the United States Trustee, the official committee of unsecured creditors

and the official committee of retirees of the Debtor have been provided with a copy 

of the Second Interim Fee Application simultaneously with the filing thereof, and 

will have at least 10 days to review such Second Interim Fee Application prior to any 

objection deadline with respect thereto.

Dated: March 19, 2018

Washington DC 

 /s/ Tyler Duvall 

Tyler Duvall, Partner

McKinsey & Company, Inc. Washington DC

1200 19th Street NW Suite 1100

Washington DC 20036

Telephone: (202) 662 0078

Email: tyler_duvall@mckinsey.com

Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 21 of 90
EXHIBIT B

Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 22 of 90


	
		
 	






  

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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 28 of 90


	
	 	





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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 30 of 90




 

	

 

Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 31 of 90
	




 

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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 32 of 90


	



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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 33 of 90


	



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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 34 of 90


	



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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 35 of 90


	



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Exhibit C Page 36 of 90


	





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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 37 of 90


	



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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 38 of 90


	



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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 39 of 90


	



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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 40 of 90




	 



 



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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 48 of 90




	


	
	


 
		

	 

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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 49 of 90




	 




 

Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 50 of 90
Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 51 of 90
Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 52 of 90


	
		
 	






  

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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 53 of 90


 	

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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 54 of 90




	


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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 55 of 90


 	


	
		
	
	

	
	

	
	 
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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 56 of 90


	



			
	
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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 57 of 90


	

	
			
	
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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 58 of 90


	
	 	




 	

	

	

Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 59 of 90
	




 

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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 60 of 90


	



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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 61 of 90


	



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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 62 of 90


	



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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 63 of 90


	



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Exhibit C Page 64 of 90


	





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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 65 of 90


	



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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 66 of 90


	



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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 67 of 90


	



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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 68 of 90


		 	





   Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 69 of 90


	

	

	
	 

			
	

	



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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 70 of 90




	 



 

 

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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 80 of 90






	



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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 81 of 90




	
		





 
	


	
	   
	




	
 

 	





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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 82 of 90




	





	
	
	
	
	

	 	
	 

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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 83 of 90




	





	
	



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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 85 of 90




	


		
		 

 	
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Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 86 of 90




	 



 
 

Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 87 of 90
Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 88 of 90
EXHIBIT C

Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 89 of 90
EXHIBIT C

LIST OF McKINSEY PROFESSIONALS

NAME OF PROFESSIONAL TITLE

Mike Barg Associate

Maria Bernier Business Analyst

Aaron Bielenberg Associate Partner

Alex Brihac Associate

Sarah Brody Engagement Manager

Bertil Chappuis Senior Partner

Tyler Duvall Partner

Thomas Dohrmann Senior Partner

Steven Jacobson Senior Business Analyst

Scott Perl Associate Partner

Matt Rogers Senior Partner

Amy Wagner Associate Partner

Case:17-03283-LTS Doc#:2756-3 Filed:03/19/18 Entered:03/19/18 21:26:42 Desc:

Exhibit C Page 90 of 90