UNITED STATES DISTRICT COURT

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.

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO,

as representative of

PUERTO RICO ELECTRIC POWER

AUTHORITY (“PREPA”)

Debtor.1

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PROMESA

Title III

No. 17 BK 3283-LTS

(Jointly Administered)

PROMESA

Title III

No. 17 BK 4780-LTS

ORDER REGARDING COBRA 

ACQUISITIONS LLC’S MOTION TO MODIFY STAY ORDER

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 (Bankruptcy Case No. 17 BK 3284-LTS) (Last Four Digits of Federal Tax ID: 

8474); (iii) Puerto Rico Highways and Transportation Authority (Bankruptcy Case No. 17 

BK 3567-LTS) (Last Four Digits of Federal Tax ID: 3808); (iv) Employees Retirement 

System of the Government of the Commonwealth of Puerto Rico (Bankruptcy Case No. 17 

BK 3566-LTS) (Last Four Digits of Federal Tax ID: 9686); (v) Puerto Rico Electric Power 

Authority (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-5233-LTS) (Last Four Digits of Federal Tax ID: 3801) (Title III case numbers are listed 

as Bankruptcy Case numbers due to software limitations).

Case:17-03283-LTS Doc#:24547 Filed:06/13/23 Entered:06/13/23 11:38:42 Desc: Main

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230613 ORD RE COBRA INVOICES VERSION JUNE 13, 2023 2

Upon Cobra Acquisitions LLC’s Motion to Modify Stay Order (Docket Entry No. 

24219 in Case No. 17-BK-3283 and Docket Entry No. 3507 in Case No. 17-BK-4780) (the 

“Motion”),2 and the Court having found and determined that (i) it has subject matter jurisdiction 

over this matter pursuant to PROMESA section 306(a), (ii) venue is proper pursuant to PROMESA 

section 307(a), and (iii) due and proper notice of the Motion has been provided, and after due 

deliberation and good and sufficient cause appearing therefor, it is HEREBY ORDERED THAT:

1. No later than June 14, 2023, PREPA shall provide Cobra and the Court with 

the status of PREPA’s review of the Approved Unpaid Invoices,3 including the remaining steps 

that need to be completed before PREPA will submit the invoices for reimbursement from COR3 

(as submitted, the “Submitted Invoices”). For each such invoice, PREPA shall provide where it is 

in the review process. The review process is as follows: (a) confirmation that each invoice has all 

required supporting documentation; (b) accuracy review; (c) purchase order matching to confirm 

the invoiced services were actually requested; (d) verification that invoices were approved by 

authorized personnel; (e) expense classification to confirm any credits and discounts were properly 

applied; (f) tax compliance review to validate any tax calculations; (g) resolution of any 

discrepancies; and (h) approval for payment by PREPA’s Executive Director and Finance 

Department Director. For any incomplete item in the foregoing list, PREPA shall provide an 

expected timeline on when the item will be completed.

2 Capitalized terms used but not defined herein have the meanings ascribed to them in the 

Motion.

3 As used in this Order, Approved Unpaid Invoices mean those invoices issued by Cobra to 

PREPA for which FEMA has obligated funding on or around March 27, 2023 and for which 

Cobra has not yet received full payment from PREPA.

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230613 ORD RE COBRA INVOICES VERSION JUNE 13, 2023 3

2. No later than June 14, 2023, PREPA, in consultation with COR3 and its 

representatives, shall provide the Court with information regarding the expected timeline for 

COR3 to review and process the Submitted Invoices for payment. 

3. Except as set forth herein, the Order Setting Deadline for Further Status 

Report [Case No. 17-BK-4780, ECF No. 3155] remains in effect.

4. The Court retains jurisdiction over any disputes relating to the 

interpretation, implementation and enforcement of this Order.

5. This Order resolves Docket Entry No. 24219 in Case No. 17-BK-3283 and 

Docket Entry No. 3507 in Case No. 17-BK-4780.

SO ORDERED.

Dated: June 13, 2023 /s/ Laura Taylor Swain

LAURA TAYLOR SWAIN

United States District Judge

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