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. 3861 

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 11, 2023 FOR SUBMISSION OF PREPA’S PROPOSED

AMENDED PLAN OF ADJUSTMENT AND RELATED DOCUMENTS

AND (B) TO AUGUST 16, 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 Further Extension of Filing Deadlines (a) to August 4, 2023, for Submission of 

PREPA’s Proposed Amended Plan of Adjustment and Related Documents and (b) to August 9, 

2023, for Submission of Joint Status Report and Proposed Confirmation Schedule(s) [Case No. 

17-4780, ECF No. 3861]3 (the “Plan Deadlines Extension Order”) from (A) August 4, 2023 to 

August 11, 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 9, 2023 to August 16, 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. In addition to reaching an agreement with the Fuel Line Lenders recently to amend 

the terms of the Fuel Line Lender PSA to align it with the projections in the 2023 PREPA fiscal 

plan, the Oversight Board has primarily been engaged in negotiations with other parties in interest 

to try to reach agreements for further plan support. 

4. Material progress has been made in these negotiations. While the Oversight Board 

cannot guaranty further settlement will be attained, it continues to believe the prospects of at least 

one major settlement is high and possibly two major settlements are sufficient to avoid filing an 

amended plan this week that might have to be amended again shortly thereafter, especially because 

the filing will trigger other filings of positions and schedules that might also change if a new 

settlement is attained. Moreover, any new settlements would require preparing and securing the

parties’ approval of restructuring support agreements and related documentation. Therefore, the 

Oversight Board requests a further one-week extension of the August 4, 2023 plan filing deadline 

to August 11, 2023, and requests a similar extension of the August 9, 2023 deadline to file the 

Joint Status Report regarding a proposed litigation schedule to August 16, 2023 to permit parties 

to review the Third Amended Plan before proposing a confirmation schedule. 

5. The Oversight Board is authorized to represent the Mediation Team fully supports 

the requested deadline extensions with the caveat that any further support for extensions would 

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require either extraordinary cause or be based on agreements approved and authorized by each side 

but requiring additional time for documentation only. 

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 Public Finance Guarantee Corp. (“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”), (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 Golden Tree, Syncora, National, AAFAF, ISCE, the Fuel Line 

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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Lenders, the Creditors’ 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 indicated its client takes 

no position regarding the relief sought herein and reserves all rights. The Oversight Board did not 

receive a response from Assured, the Trustee, UTIER, SREAEE, and the Ad Hoc 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. 

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. 

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Dated: August 3, 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

/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 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 11, 2023 FOR SUBMISSION OF PREPA’S PROPOSED

AMENDED PLAN OF ADJUSTMENT AND RELATED DOCUMENTS

AND (B) TO AUGUST 16, 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 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 11, 2023 for Submission of PREPA’s Proposed Amended Plan of Adjustment and Related 

Documents and (B) to August 16, 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 

11, 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 16, 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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