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

Case 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

Case No. 17–BK–4780–LTS

This Application relates only to 

PREPA, and shall be filed in the

lead Case No. 17–BK–3283–LTS

and PREPA’s Title III Case 

(Case No. 17–BK–4780–LTS)

COVER SHEET TO THIRD INTERIM PERIOD FEE APPLICATION OF 

MOELIS & COMPANY LLC AS FINANCIAL ADVISOR FOR THE MEDIATION 

TEAM FOR THE PERIOD OCTOBER 1, 2022 TRHOUGH JANUARY 31, 2023

ALL FEES IN THIS INTERIM FEE STATEMENT WERE INCURRED OUTSIDE OF 

PUERTO RICO

 

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-BK-3567-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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2

Schedule 1

Summary of Fees and Expenses Paid to Date and the Balance of Fees and 

Expenses for which Allowance and Payment is Requested for the Compensation Period

Name of Applicant: Moelis & Company (“Moelis”)

Retained to Provide

Professional Services to:

The Mediation Team Pursuant to PROMESA 

section 315(b)

Period for Which Compensation is Sought: October 1, 2022 through January 31, 2023

(the “Compensation Period”)

Amount of Fees Sought:

$600,000.002

Amount of Expense Reimbursement Sought: $7,408.53

Total Fees and Expenses 

Sought for Compensation Period:

$607,408.53

This is a(n) Monthly X Interim Final Fee Application 

This is Moelis’ the third interim fee application in these cases.

 

2 During the term of Moelis’ engagement, as approved in its Moelis Retention Order (D.I. # 2859) and as set forth in the Engagement 

Letter (as defined in the Moelis Retention Order), Moelis is to be paid a fee of $250,000 per month for the first three (3) months, 

and $150,000 per month thereafter.

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3

Third Interim Compensation Period

October 1, 2022 – January 31, 2023

Statement and 

Date Served

Period 

Covered Total Fees Incurred Fees Requested (90%) Expenses Requested

Sixth, Seventh and 

Eighth Monthly 

01/19/23

10/01/22 to 

12/31/22 $450,000.00 $405,000.00 $6,468.53

Ninth Monthly

03/14/23

01/01/23 to 

01/31/23

$150,000.00 $135,000.00 $940.00

Totals: $600,000.00 $540,000.00 $7,408.53

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4

Summary of Professionals’ Time During Compensation Period Of 

October 1, 2022 – January 31, 2023

Bill Derrough Adam Keil Nathaniel Catez Milad Sedeh Brendon Barnwell Merritt Wright Jack Reinhart Maggie He Total

Executive Director/ Vice President/ 

Vice President Associate

By Month

October 2022 2.0 hour(s) 2.0 hour(s) 2.0 hour(s) 2.0 hour(s) 4.0 hour(s) 1.0 hour(s) - 7.0 hour(s) 20.0 hour(s)

November 2022 23.0 hour(s) 30.0 hour(s) 31.0 hour(s) 6.0 hour(s) 23.0 hour(s) 38.0 hour(s) 2.0 hour(s) 36.0 hour(s) 189.0 hour(s)

December 2022 4.0 hour(s) 15.0 hour(s) 23.0 hour(s) 4.0 hour(s) 13.0 hour(s) 1.0 hour(s) 1.0 hour(s) 23.0 hour(s) 84.0 hour(s)

January 2023 - - - - 2.0 hour(s) - - 5.0 hour(s) 7.0 hour(s)

Total 29.0 hour(s) 47.0 hour(s) 56.0 hour(s) 12.0 hour(s) 42.0 hour(s) 40.0 hour(s) 3.0 hour(s) 71.0 hour(s) 300.0 hour(s)

Managing Director Managing Director Executive Director Associate Analyst Analyst

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5

Summary of Expenses During Compensation Period Of

October 1, 2022 – January 31, 2023

PREPA Mediation Advisors

Moelis & Company

Summary of Expenses

October 01, 2022 - January 31, 2023

Category Description Amount

Printing Printing and presentation services $215.13

Legal Outside counsel legal fees $6,715.00

Meals $120.44

Ground Transportation $357.96

Total Expenses $7,408.53

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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

Case 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

Case No. 17–BK–4780–LTS

This Application relates only to 

PREPA, and shall be filed in the

lead Case No. 17–BK–3283–LTS 

and PREPA’s Title III Case 

(Case No. 17–BK–4780–LTS)

THIRD INTERIM PERIOD FEE APPLICATION OF 

MOELIS & COMPANY LLC AS FINANCIAL ADVISOR FOR THE MEDIATION 

TEAM FOR THE PERIOD OCTOBER 1, 2022 TRHOUGH JANUARY 31, 2023

Moelis & Company LLC (“Moelis”), as financial advisor for the Mediation Team Pursuant 

to PROMESA section 315(b) (the “Mediation Team”), hereby submits this third interim 

application (the “Application”) for the allowance of compensation for professional services 

 

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-BK-3567-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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2

performed by Moelis during the period from October 1, 2022, through and including January 31,

2023 (the “Compensation Period”) pursuant to PROMESA sections 316 and 317, Rule 2016 of 

the Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”), Rule 2016-1 of the Local 

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

“Local Bankruptcy Rules”), and in accordance with the Court’s Third Amended Order Setting 

Procedures for Interim Compensation and Reimbursement of Expenses of Professionals [D.I. 

20546] (the “Interim Compensation Order”). By this Application, Moelis seeks (a) allowance 

for compensation for services rendered in the amount of $600,000.002during the Compensation 

Period, (b) allowance for reimbursement of actual and necessary expenses in the amount of 

$7,408.53 incurred during the Compensation Period, and (c) payment in the amount of 

$607,408.53 representing 100% of Moelis’ requested fees plus Moelis’ requested expenses for the 

Compensation Period. In support of this Application, Moelis respectfully represents as follows:

Background

1. On May 3, 2017 (the “Petition Date”), the Commonwealth of Puerto Rico (as 

herein defined), by and through the Financial Oversight and Management Board for Puerto Rico 

(the “Oversight Board”), pursuant to section 315(b) of the Puerto Rico Oversight, Management, 

and Economic Stability Act (“PROMESA”), filed a petition (the “Commonwealth’s Petition”) 

with the United States District Court for the District of Puerto Rico (the “Court”) under Title III 

of PROMESA.

2. 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 

 

2 During the term of Moelis’ engagement, as approved in its Moelis Retention Order (defined as below) and as set forth in the 

Engagement Letter (as defined in the Moelis Retention Order), Moelis is to be paid fees of $250,000 per month for the first three 

(3) months, and $150,000 per month thereafter.

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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 of PROMESA. The filing of these Petitions 

constitute orders for relief under Title III of PROMESA.

3. 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 Title III Cases be consolidated for procedural 

purposes and be jointly administered.

4. On November 8, 2017, the Court entered the First Amended Order Setting 

Procedures for Interim Compensation and Reimbursement of Expenses of Professionals, 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.”

5. On June 6, 2018, the Court entered the Second Amended Order Setting Procedures 

for Interim Compensation and Reimbursement of Expenses of Professionals, which amended 

certain provisions regarding 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.”

6. On June 23, 2022, the Court entered the Order Authorizing Employment and 

Retention of Moelis & Company LLC as Financial Advisor for the Mediation Team [D.I. 2859] 

(the “Moelis Retention Order” attached hereto as Exhibit A), authorizing the Mediation Team

to retain Moelis as its financial advisor nunc pro tunc to April 15, 2022.

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7. 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).

COMPENSATION REQUESTED FOR 

SERVICES RENDERED DURING THE COMPENSATION PERIOD

8. Moelis’ requested compensation for the Compensation Period includes its Monthly 

Fees (as defined in the Engagement Letter) for the period from October 1, 2022 through January

31, 2023. As stated in the Engagement Letter, Moelis Monthly Fee is $250,000.00 per month for

the first three (3) months, and $150,000 per month thereafter. The aggregate Monthly Fees for the 

Compensation Period total $600,000.00.

9. During the Compensation Period, Moelis’ financial advisory professionals 

rendered approximately 300.0 hours of services to the Mediation Team, based upon the time 

records those professionals maintained pursuant to the Moelis Retention Order. As stated in the 

application to retain Moelis [D.I. 2849], (a) it is not the general practice of financial advisory firms 

such as Moelis to keep detailed time records similar to those customarily kept by attorneys; and 

(b) Moelis does not ordinarily keep time records on a “project category” basis. 

10. Moelis’ work on behalf of the Mediation Team during the Compensation Period 

involved tasks that are briefly summarized below. This summary is not intended to be a detailed 

description of the work Moelis performed during the Compensation Period, but rather is a 

guideline offered to the Court and other interested parties with respect to the services performed 

by Moelis. 

(a) Meetings and Calls with the Mediation Team, Debtor and Creditors. During the 

Compensation Period, Moelis participated in calls and meetings, including the inperson mediation session, with the Mediation Team, Oversight Board, the Debtor’s 

professionals, the creditors, and the creditors’ professionals. These calls covered 

various topics, including but not limited to the PROMESA Title III process, 

affordability, and proposed recovery structures. Moelis provided strategic advice 

regarding these PROMESA Title III cases.

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5

(b) Preparation/Review of Various Analyses and Documents. Moelis reviewed various 

iterations of the creditors’ affordability analyses and recovery proposals. Moelis 

conducted substantial waterfall analyses to assist the Mediation Team to understand 

recoveries.

(c) Mediation Process. Moelis continued to work with the Mediation Team to draft a term 

sheet for a mediators’ proposal based on ongoing conversations with the Debtor and 

creditors. Moelis conducted various waterfall analyses to assess the optimal recovery 

structure for the mediation process. Moelis attended the in-person mediation session to 

facilitate the process. 

(d) Diligence and Other Communications. Moelis assisted the Mediation Team in 

discussions with Debtors’ advisors and various creditors’ advisors and diligence. 

(e) Administrative Matters. Moelis conducted general financial advisory, investment 

banking, and other administrative services, including, but not limited to, services 

related to these PROMESA Title III cases generally, retention matters, addressing 

questions of individual members of the Mediation Team, and communications, 

administrative functions, and other matters not falling into any of the service categories 

listed above.

11. Moelis’ time records for the Compensation Period, maintained in accordance with 

the Moelis Retention Order, are annexed hereto as Exhibit B. Pursuant to the Moelis Retention 

Order, the requirements of the Bankruptcy Code, the Bankruptcy Rules, the U.S. Trustee 

Guidelines and Local Rule 2016-1 have been modified such that Moelis’ restructuring 

professionals are required only to keep summary time records in one hour increments; Moelis’ 

non-restructuring professionals and personnel in administrative departments (including internal 

legal) are not required to maintain time records; Moelis’ restructuring professionals are not 

required to keep time records on a project category basis; and Moelis is not required to provide or 

conform to any schedules of hourly rates. 

12. To the extent this Application does not comply in every respect with the 

requirements of the Bankruptcy Code, the Bankruptcy Rules, the U.S. Trustee Guidelines and 

Local Rule 2016-1 (as modified by the Moelis Retention Order), Moelis respectfully requests a 

waiver for any such technical non-compliance.

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REQUEST FOR REIMBURSEMENT OF EXPENSES

INCURRED DURING THE COMPENSATION PERIOD

13. Expenses incurred by Moelis during the Compensation Period totaled $7,408.53. 

A detailed description of the expenses Moelis incurred during the Compensation Period is annexed 

hereto as Exhibit A. The expenses incurred by Moelis during the Compensation Period include 

attorneys’ fees and expenses of its outside legal counsel relating to retention issues, and expenses 

incurred by Moelis in connection with rendering services to the Debtors. Invoices supporting such 

expenses are included in Exhibit A. 

14. Moelis has made every reasonable effort to minimize its disbursements in these 

Chapter 11 Cases. All of the fees and expenses for which allowance is requested by Moelis in this 

Application are reasonable and necessary, and Moelis’ work was performed for the benefit of the 

Mediation Team pursuant to the Moelis Retention Order and Moelis’ Engagement Letter. In 

seeking reimbursement of expenditures, Moelis is requesting reimbursement “at cost” and does 

not make a profit on such expenditures. 

Prior Fee Applications and Payments

15. Prior to the filing of this Application, Moelis filed its related combined sixth, 

seventh and eighth monthly fee and ninth monthly application (collectively, the “Prior Monthly 

Fee Applications”) covering the period from October 1, 2022 through January 31, 2023, which 

Prior Monthly Fee Applications are incorporated herein by reference. As of the date hereof, Moelis 

has received payments relating to these Prior Monthly Fee Applications in the aggregate amount 

of $405,000.00 in fees and $6,468.53 in expenses, and Moelis hereby requests payment of all 

remaining unpaid amounts upon approval of this Application. Moelis’ ninth monthly application 

is currently pending as the deadline to file objections is March 24, 2023. Moelis has not received 

any payments for the ninth monthly application. 

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WHEREFORE, pursuant to the Interim Compensation Order, Moelis respectfully 

requests that allowance be made to Moelis for 100% of its fees of $600,000.00, and 100% of its 

expenses of $7,408.53, incurred during the Compensation Period. Moelis also respectfully 

requests approval for payment by the Debtors of all unpaid amounts requested in this Application.

Dated: March 14, 2023

MOELIS & COMPANY LLC

 By: /s/ William Q. Derrough

Name: William Q. Derrough

Title: Managing Director and Global CoHead of Recapitalization & 

Restructuring

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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

Case 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

Case No. 17–BK–4780–LTS

This Application relates only to 

PREPA, and shall be filed in the

lead Case No. 17–BK–3283–LTS 

and PREPA’s Title III Case 

(Case No. 17–BK–4780–LTS)

CERTIFICATION OF WILLIAM Q. DERROUGH

I, William Q. Derrough, hereby declare the following under penalty of perjury: 

1. I am a Managing Director and Global Co-Head of Recapitalization and 

Restructuring of Moelis & Company LLC (“Moelis”).

 

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-BK-3567-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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2

2. I have read the foregoing application of Moelis for allowance of the payment of 

compensation and reimbursement of expense as financial advisor for the Mediation Team Pursuant 

to PROMESA section 315(b), for the third interim fee period of October 1, 2022 through January

31, 2023 (the “Fee Application”). To the best of my knowledge, information and belief, the 

statements contained in the Fee Application are true and correct. In addition, I believe that the Fee 

Application and the compensation and reimbursement of expenses sought therein conforms with

the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, the United States Trustee 

Guidelines and the Puerto Rico Local Bankruptcy Rules, including, P.R. LBR 2016-1. 

3. In connection therewith, I hereby certify that: 

a. to the best of my knowledge, information, and belief, formed 

after reasonable inquiry, the fees and disbursements sought in 

the Fee Application are permissible under the relevant rules, 

court orders, and PROMESA provisions, except as specifically 

set forth herein; 

b. except to the extent disclosed in the Fee Application, the fees 

and disbursements sought in the Fee Application are billed at 

rates customarily employed by Moelis, not less favorable to 

PREPA and its estate, and generally accepted by Moelis’s 

clients;

c. in providing a reimbursable expense, Moelis does not make a 

profit on that expense, whether the service is performed by 

Moelis in-house or through a third party;

d. in accordance with Rule 2016(a) of the Federal Rules of 

Bankruptcy Procedure and 11 U.S.C. § 504, no agreement or 

understanding exists between Moelis and any other person for 

the sharing of compensation to be received in connection with 

the above cases except as authorized pursuant to PROMESA, 

the Bankruptcy Code, the Bankruptcy Rules, and the Local 

Rules; and

e. all services for which compensation is sought were professional 

services for the benefit of the Mediation Team, and were not on 

behalf of any other person.

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3

Dated: March 14, 2023

/s/William Q. Derrough 

William Q. Derrough

Managing Director & Global Co-Head of 

Recapitalization & Restructuring

Moelis & Company LLC

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EXHIBIT A – RETENTION ORDER 

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220623 ORD RE MOELIS RETENTION VERSION JUNE 23, 2022 1

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

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 (the “Commonwealth”) 

(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-BK-3567-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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220623 ORD RE MOELIS RETENTION VERSION JUNE 23, 2022 2

ORDER AUTHORIZING EMPLOYMENT AND RETENTION OF 

MOELIS & COMPANY LLC, AS FINANCIAL ADVISOR FOR MEDIATION TEAM

Upon consideration of the Application of Oversight Board for Entry of Order 

Authorizing Employment and Payment of Moelis & Company LLC as Financial Advisor for 

Mediation Team (Docket Entry No. 2849 in Case No. 17-4780, the “Motion”),

2 filed by the 

Financial Oversight and Management Board for Puerto Rico (the “Oversight Board”) as the 

representative of the Puerto Rico Electric Power Authority (“PREPA”), pursuant to section 

315(b) of the Puerto Rico Oversight, Management and Economic Stability Act of 2016 

(“PROMESA”), seeking authorization for the retention and employment of Moelis & Company 

LLC (“Moelis”), as financial advisor to the Mediation Team; and upon the Derrough 

Declaration in support thereof; the Court hereby FINDS AND DETERMINES that (i) the Court 

has jurisdiction to consider the Motion and the relief requested therein pursuant to PROMESA 

section 306(a); (ii) venue is proper before this Court pursuant to PROMESA section 307(a); (iii) 

the Oversight Board provided adequate and appropriate notice of the Motion under the 

circumstances and that no other or further notice is required; (iv) and the Court having found that 

the relief requested in the Motion is in the best interests of PREPA, its creditors, and other 

parties in interest; (v) based on the representations made in the Motion and the Derrough 

Declaration, and due deliberation thereon, the Court having found that good and sufficient cause 

exists for the granting of the relief as set forth herein, it is hereby ORDERED THAT: 

1. The Motion is granted as set forth herein, and the provisions set forth in the 

Engagement Letter (and all attachments thereto) are hereby approved, to the extent provided 

herein and except as otherwise expressly modified herein to the contrary.

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

Motion.

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220623 ORD RE MOELIS RETENTION VERSION JUNE 23, 2022 3

2. PREPA is authorized and required to pay Moelis as financial advisor for the 

Mediation Team and to provide indemnification, contribution, and/or reimbursement to Moelis, 

in each case on the terms and at the times specified in the Engagement Letter, effective nunc pro 

tunc to April 15, 2022, and Moelis is authorized to perform the Services for the Mediation Team.

3. Moelis shall be entitled to allowance and payment of compensation for 

professional services rendered and reimbursement of expenses incurred pursuant to the terms of 

the Motion and the Engagement Letter as an administrative expense pursuant to Bankruptcy 

Code section 503(b)(1), made applicable by PROMESA section 301(a).

4. Moelis’ fees and expenses shall be subject to review and allowance by the Court 

under the procedures and standards applicable to fees and expenses of professional persons under 

PROMESA section 316. Moelis shall be entitled to seek interim compensation under the 

procedures set forth in PROMESA section 317, and shall be subject to any interim compensation 

orders entered by the Court, except that any objection to Moelis’ fees and expenses shall be 

raised in the first instance with the Lead Mediator.

5. Notwithstanding anything to the contrary in the Motion, the Engagement Letter or 

herein, the requirements of PROMESA sections 316 and 317, any interim compensation orders 

entered by the Court, or any other procedures or orders of the Court are hereby modified such 

that Moelis restructuring professionals shall be required only to keep summary time records in 

hourly increments, Moelis’ non-restructuring professionals and personnel in administrative 

departments (including legal) shall not be required to keep time records, Moelis’ professionals 

shall not be required to keep time records on a project category basis and Moelis shall not be 

required to provide or conform to any schedule of hourly rates.

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220623 ORD RE MOELIS RETENTION VERSION JUNE 23, 2022 4

6. Notice of the Motion as provided therein shall be deemed to be good and 

sufficient notice of such Motion, and the requirements of the Local Rules are satisfied by the

contents of the Motion. 

7. This Order shall be immediately effective and enforceable upon its entry.

8. To the extent the Motion, the Derrough Declaration, or the Engagement Letter is 

inconsistent with this Order, the terms of this Order shall govern.

9. Moelis, the Mediation Team, and the Oversight Board (as PREPA’s 

representative), are authorized to take all actions, and to execute all documents, necessary or 

appropriate, to effectuate the relief granted in this order in accordance with the Motion.

10. This Court shall retain jurisdiction with respect to all matters arising from or 

relating to the interpretation or implementation of this Order.

11. This Order resolves Docket Entry No. 2849 in Case No. 17-4780. 

SO ORDERED.

Dated: June 23, 2022

 /s/ Laura Taylor Swain

LAURA TAYLOR SWAIN

United States District Judge

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EXHIBIT B — SUMMARY TIME RECORDS FOR COMPENSATION PERIOD

PREPA Mediation Advisors Moelis & Company

Summary of Hours Worked Detail October 01, 2022 - January 31, 2023

Bill Derrough Adam Keil Nathaniel Catez Milad Sedeh Brendon Barnwell Merritt Wright Jack Reinhart Maggie He Date Managing Director Managing Director Executive Director Executive Director / Vice President Vice President / Associate Associate Analyst Analyst

10/01/22 - - - - - - - -

10/02/22 - - - - - - - -

10/03/22 - - - - - - - -

10/04/22 - - - - - - - -

10/05/22 - - - - - - - -

10/06/22 - - - - 1.0 hour(s) - - 1.0 hour(s)

10/07/22 - - - - - - - -

10/08/22 - - - - - - - -

10/09/22 - - - - - - - -

10/10/22 - - - - - - - -

10/11/22 - - - - - - - 1.0 hour(s)

10/12/22 - - - - - - - -

10/13/22 - - - - - - - -

10/14/22 - - - - - - - -

10/15/22 - - - - - - - -

10/16/22 - - - - - - - -

10/17/22 - - - - - - - -

10/18/22 1.0 hour(s) 1.0 hour(s) 1.0 hour(s) 1.0 hour(s) 1.0 hour(s) 1.0 hour(s) - 1.0 hour(s)

10/19/22 1.0 hour(s) 1.0 hour(s) 1.0 hour(s) 1.0 hour(s) 1.0 hour(s) - - 1.0 hour(s)

10/20/22 - - - - - - - -

10/21/22 - - - - - - - 1.0 hour(s)

10/22/22 - - - - - - - -

10/23/22 - - - - - - - -

10/24/22 - - - - - - - -

10/25/22 - - - - - - - -

10/26/22 - - - - - - - -

10/27/22 - - - - - - - -

10/28/22 - - - - - - - -

10/29/22 - - - - - - - -

10/30/22 - - - - - - - -

10/31/22 - - - - 1.0 hour(s) - - 2.0 hour(s)

11/01/22 - - - - - - - -

11/02/22 - - - - - - - -

11/03/22 - - - - - - - -

11/04/22 - - - - - - - -

11/05/22 - - - - - - - -

11/06/22 - - - - - - - -

11/07/22 - - - - - - - -

11/08/22 4.0 hour(s) 4.0 hour(s) 4.0 hour(s) 4.0 hour(s) 5.0 hour(s) - - 6.0 hour(s)

11/09/22 - - - - - - - -

11/10/22 2.0 hour(s) 2.0 hour(s) 2.0 hour(s) 2.0 hour(s) 2.0 hour(s) 3.0 hour(s) - 6.0 hour(s)

11/11/22 - - - - - - - 1.0 hour(s)

11/12/22 - - - - - 6.0 hour(s) - 3.0 hour(s)

11/13/22 - - 1.0 hour(s) - 1.0 hour(s) 6.0 hour(s) - -

11/14/22 7.0 hour(s) 7.0 hour(s) 7.0 hour(s) - 7.0 hour(s) 7.0 hour(s) - -

11/15/22 - 7.0 hour(s) 7.0 hour(s) - 7.0 hour(s) 11.0 hour(s) - 10.0 hour(s)

11/16/22 - - - - - - - -

11/17/22 - - - - - - 1.0 hour(s) 1.0 hour(s)

11/18/22 - - - - - - 1.0 hour(s) -

11/19/22 - - - - - - - 1.0 hour(s)

11/20/22 - - - - - - - -

11/21/22 - - - - - 2.0 hour(s) - -

11/22/22 5.0 hour(s) 5.0 hour(s) 5.0 hour(s) - 1.0 hour(s) 3.0 hour(s) - 3.0 hour(s)

11/23/22 - - - - - - - 2.0 hour(s)

11/24/22 - - - - - - - -

11/25/22 - - - - - - - -

11/26/22 - - - - - - - -

11/27/22 - - - - - - - -

11/28/22 - - - - - - - -

11/29/22 - - - - - - - -

11/30/22 5.0 hour(s) 5.0 hour(s) 5.0 hour(s) - - - - 3.0 hour(s)

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2

PREPA Mediation Advisors Moelis & Company

Summary of Hours Worked Detail October 01, 2022 - January 31, 2023

Bill Derrough Adam Keil Nathaniel Catez Milad Sedeh Brendon Barnwell Merritt Wright Jack Reinhart Maggie He Date Managing Director Managing Director Executive Director Executive Director / Vice President Vice President / Associate Associate Analyst Analyst

12/01/22 1.0 hour(s) - 1.0 hour(s) - - - - -

12/02/22 - - - - 1.0 hour(s) - - 3.0 hour(s)

12/03/22 - - 1.0 hour(s) - 1.0 hour(s) - - 1.0 hour(s)

12/04/22 - - - - - - - -

12/05/22 - 1.0 hour(s) 1.0 hour(s) 1.0 hour(s) 1.0 hour(s) 1.0 hour(s) 1.0 hour(s) 2.0 hour(s)

12/06/22 - - - - - - - 1.0 hour(s)

12/07/22 1.0 hour(s) - 1.0 hour(s) 1.0 hour(s) 1.0 hour(s) - - -

12/08/22 - - - - - - - -

12/09/22 2.0 hour(s) 2.0 hour(s) 4.0 hour(s) - - - - 2.0 hour(s)

12/10/22 - - 1.0 hour(s) - 3.0 hour(s) - - 5.0 hour(s)

12/11/22 - 1.0 hour(s) 2.0 hour(s) - 1.0 hour(s) - - 3.0 hour(s)

12/12/22 - 2.0 hour(s) 2.0 hour(s) 2.0 hour(s) 2.0 hour(s) - - 2.0 hour(s)

12/13/22 - 7.0 hour(s) 7.0 hour(s) - 1.0 hour(s) - - 1.0 hour(s)

12/14/22 - 1.0 hour(s) 2.0 hour(s) - 1.0 hour(s) - - 2.0 hour(s)

12/15/22 - 1.0 hour(s) 1.0 hour(s) - 1.0 hour(s) - - 1.0 hour(s)

12/16/22 - - - - - - - -

12/17/22 - - - - - - - -

12/18/22 - - - - - - - -

12/19/22 - - - - - - - -

12/20/22 - - - - - - - -

12/21/22 - - - - - - - -

12/22/22 - - - - - - - -

12/23/22 - - - - - - - -

12/24/22 - - - - - - - -

12/25/22 - - - - - - - -

12/26/22 - - - - - - - -

12/27/22 - - - - - - - -

12/28/22 - - - - - - - -

12/29/22 - - - - - - - -

12/30/22 - - - - - - - -

12/31/22 - - - - - - - -

01/01/23 - - - - - - - -

01/02/23 - - - - - - - -

01/03/23 - - - - - - - -

01/04/23 - - - - - - - 2.0 hour(s)

01/05/23 - - - - - - - -

01/06/23 - - - - - - - -

01/07/23 - - - - - - - -

01/08/23 - - - - - - - -

01/09/23 - - - - 1.0 hour(s) - - 1.0 hour(s)

01/10/23 - - - - - - - -

01/11/23 - - - - - - - -

01/12/23 - - - - - - - -

01/13/23 - - - - - - - -

01/14/23 - - - - - - - -

01/15/23 - - - - - - - -

01/16/23 - - - - - - - -

01/17/23 - - - - 1.0 hour(s) - - 1.0 hour(s)

01/18/23 - - - - - - - -

01/19/23 - - - - - - - -

01/20/23 - - - - - - - -

01/21/23 - - - - - - - -

01/22/23 - - - - - - - -

01/23/23 - - - - - - - -

01/24/23 - - - - - - - -

01/25/23 - - - - - - - -

01/26/23 - - - - - - - -

01/27/23 - - - - - - - -

01/28/23 - - - - - - - -

01/29/23 - - - - - - - -

01/30/23 - - - - - - - 1.0 hour(s)

01/31/23 - - - - - - - -

Total 4.0 hour(s) 15.0 hour(s) 23.0 hour(s) 4.0 hour(s) 15.0 hour(s) 1.0 hour(s) 1.0 hour(s) 28.0 hour(s)

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PREPA Mediation Advisors

Moelis & Company

Summary of Hours Worked Detail

October 01, 2022 - January 31, 2023

Total Hours: 300.0 hour(s)

Professional Date Hours Description

Brendon Barnwell 10/6/2022 1.0 hour(s) Preparation of Fee Applications and Related Materials 

Maggie He 10/6/2022 1.0 hour(s) Preparation of Fee Applications and Related Materials 

Maggie He 10/11/2022 1.0 hour(s) Preparation of Fee Applications and Related Materials 

Bill Derrough 10/18/2022 1.0 hour(s) Call with Debtor Representatives

Adam Keil 10/18/2022 1.0 hour(s) Call with Debtor Representatives

Nathaniel Catez 10/18/2022 1.0 hour(s) Call with Debtor Representatives

Milad Sedeh 10/18/2022 1.0 hour(s) Call with Debtor Representatives

Brendon Barnwell 10/18/2022 1.0 hour(s) Call with Debtor Representatives

Merritt Wright 10/18/2022 1.0 hour(s) Call with Debtor Representatives

Maggie He 10/18/2022 1.0 hour(s) Call with Debtor Representatives

Bill Derrough 10/19/2022 1.0 hour(s) Call with Debtor Representatives

Adam Keil 10/19/2022 1.0 hour(s) Call with Debtor Representatives

Nathaniel Catez 10/19/2022 1.0 hour(s) Call with Debtor Representatives

Milad Sedeh 10/19/2022 1.0 hour(s) Call with Debtor Representatives

Brendon Barnwell 10/19/2022 1.0 hour(s) Call with Debtor Representatives

Maggie He 10/19/2022 1.0 hour(s) Call with Debtor Representatives

Maggie He 10/21/2022 1.0 hour(s) Preparation of Fee Applications and Related Materials 

Brendon Barnwell 10/31/2022 1.0 hour(s) Preparation of Fee Applications and Related Materials 

Maggie He 10/31/2022 2.0 hour(s) Preparation of Fee Applications and Related Materials 

Bill Derrough 11/8/2022 4.0 hour(s) Call with Creditor Representatives

Adam Keil 11/8/2022 4.0 hour(s) Call with Creditor Representatives

Nathaniel Catez 11/8/2022 4.0 hour(s) Call with Creditor Representatives

Milad Sedeh 11/8/2022 4.0 hour(s) Call with Creditor Representatives

Brendon Barnwell 11/8/2022 4.0 hour(s) Call with Creditor Representatives

Maggie He 11/8/2022 4.0 hour(s) Call with Creditor Representatives

Brendon Barnwell 11/8/2022 1.0 hour(s) Preparation of Fee Applications and Related Materials 

Maggie He 11/8/2022 2.0 hour(s) Preparation of Fee Applications and Related Materials 

Bill Derrough 11/10/2022 1.0 hour(s) Call with Creditor Representatives

Adam Keil 11/10/2022 1.0 hour(s) Call with Creditor Representatives

Nathaniel Catez 11/10/2022 1.0 hour(s) Call with Creditor Representatives

Milad Sedeh 11/10/2022 1.0 hour(s) Call with Creditor Representatives

Brendon Barnwell 11/10/2022 1.0 hour(s) Call with Creditor Representatives

Merritt Wright 11/10/2022 1.0 hour(s) Call with Creditor Representatives

Maggie He 11/10/2022 1.0 hour(s) Call with Creditor Representatives

Maggie He 11/10/2022 1.0 hour(s) Preparation of Fee Applications and Related Materials 

Merritt Wright 11/10/2022 1.0 hour(s) Preparation of internal materials (regarding PREPA Illustrative Scenarios) 

Maggie He 11/10/2022 3.0 hour(s) Preparation of internal materials (regarding PREPA Illustrative Scenarios) 

Bill Derrough 11/10/2022 1.0 hour(s) Call with Debtor Representatives 

Adam Keil 11/10/2022 1.0 hour(s) Call with Debtor Representatives 

Nathaniel Catez 11/10/2022 1.0 hour(s) Call with Debtor Representatives 

Milad Sedeh 11/10/2022 1.0 hour(s) Call with Debtor Representatives 

Brendon Barnwell 11/10/2022 1.0 hour(s) Call with Debtor Representatives 

Merritt Wright 11/10/2022 1.0 hour(s) Call with Debtor Representatives 

Maggie He 11/10/2022 1.0 hour(s) Call with Debtor Representatives 

Maggie He 11/11/2022 1.0 hour(s) Preparation of Fee Applications and Related Materials 

Merritt Wright 11/12/2022 6.0 hour(s) Preparation of internal materials (regarding PREPA Illustrative Scenarios) 

Maggie He 11/12/2022 3.0 hour(s) Preparation of internal materials (regarding PREPA Illustrative Scenarios) 

Nathaniel Catez 11/13/2022 1.0 hour(s) Preparation of internal materials (regarding PREPA Illustrative Scenarios) 

Brendon Barnwell 11/13/2022 1.0 hour(s) Preparation of internal materials (regarding PREPA Illustrative Scenarios) 

Merritt Wright 11/13/2022 6.0 hour(s) Preparation of internal materials (regarding PREPA Illustrative Scenarios) 

Bill Derrough 11/14/2022 7.0 hour(s) Attended In-Person Mediation Session

Adam Keil 11/14/2022 7.0 hour(s) Attended In-Person Mediation Session

Nathaniel Catez 11/14/2022 7.0 hour(s) Attended In-Person Mediation Session

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PREPA Mediation Advisors

Moelis & Company

Summary of Hours Worked Detail

October 01, 2022 - January 31, 2023

Total Hours: 300.0 hour(s)

Professional Date Hours Description

Brendon Barnwell 11/14/2022 7.0 hour(s) Attended In-Person Mediation Session

Merritt Wright 11/14/2022 7.0 hour(s) Attended In-Person Mediation Session

Adam Keil 11/15/2022 7.0 hour(s) Attended In-Person Mediation Session

Nathaniel Catez 11/15/2022 7.0 hour(s) Attended In-Person Mediation Session

Brendon Barnwell 11/15/2022 7.0 hour(s) Attended In-Person Mediation Session

Merritt Wright 11/15/2022 7.0 hour(s) Attended In-Person Mediation Session

Maggie He 11/15/2022 7.0 hour(s) Attended In-Person Mediation Session

Merritt Wright 11/15/2022 4.0 hour(s) Preparation of internal materials (regarding PREPA Illustrative Scenarios) 

Maggie He 11/15/2022 1.0 hour(s) Preparation of internal materials (regarding PREPA Illustrative Scenarios) 

Maggie He 11/15/2022 2.0 hour(s) Preparation of internal materials (regarding PREPA Proposal Comparison) 

Jack Reinhart 11/17/2022 1.0 hour(s) Preparation of internal materials (regarding PREPA Proposal Comparison) 

Maggie He 11/17/2022 1.0 hour(s) Preparation of internal materials (regarding PREPA Proposal Comparison) 

Jack Reinhart 11/18/2022 1.0 hour(s) Preparation of internal materials (regarding PREPA Proposal Comparison) 

Maggie He 11/19/2022 1.0 hour(s) Preparation of Fee Applications and Related Materials 

Merritt Wright 11/21/2022 2.0 hour(s) Preparation of internal materials (regarding PREPA Illustrative Scenarios) 

Brendon Barnwell 11/22/2022 1.0 hour(s) Preparation of Fee Applications and Related Materials 

Maggie He 11/23/2022 2.0 hour(s) Preparation of Fee Applications and Related Materials 

Bill Derrough 11/22/2022 5.0 hour(s) Attended In-Person Mediation Session

Adam Keil 11/22/2022 5.0 hour(s) Attended In-Person Mediation Session

Nathaniel Catez 11/22/2022 5.0 hour(s) Attended In-Person Mediation Session

Merritt Wright 11/22/2022 3.0 hour(s) Attended Mediation Session Via Zoom

Maggie He 11/22/2022 3.0 hour(s) Attended Mediation Session Via Zoom

Bill Derrough 11/30/2022 5.0 hour(s) Attended In-Person Mediation Session

Adam Keil 11/30/2022 5.0 hour(s) Attended In-Person Mediation Session

Nathaniel Catez 11/30/2022 5.0 hour(s) Attended In-Person Mediation Session

Maggie He 11/30/2022 3.0 hour(s) Attended Mediation Session Via Zoom

Bill Derrough 12/1/2022 1.0 hour(s) Call with Mediation Team (Mediators & Moelis)

Nathaniel Catez 12/1/2022 1.0 hour(s) Call with Mediation Team (Mediators & Moelis)

Brendon Barnwell 12/2/2022 1.0 hour(s) Preparation of Fee Applications and Related Materials 

Maggie He 12/2/2022 3.0 hour(s) Preparation of Fee Applications and Related Materials 

Nathaniel Catez 12/3/2022 1.0 hour(s) Mediation Material Review (regarding Rate Stucture Model)

Brendon Barnwell 12/3/2022 1.0 hour(s) Mediation Material Review (regarding Rate Stucture Model)

Maggie He 12/3/2022 1.0 hour(s) Mediation Material Review (regarding Rate Stucture Model)

Adam Keil 12/5/2022 1.0 hour(s) Call with Creditor Representatives

Nathaniel Catez 12/5/2022 1.0 hour(s) Call with Creditor Representatives

Milad Sedeh 12/5/2022 1.0 hour(s) Call with Creditor Representatives

Brendon Barnwell 12/5/2022 1.0 hour(s) Call with Creditor Representatives

Merritt Wright 12/5/2022 1.0 hour(s) Call with Creditor Representatives

Jack Reinhart 12/5/2022 1.0 hour(s) Call with Creditor Representatives

Maggie He 12/5/2022 1.0 hour(s) Call with Creditor Representatives

Maggie He 12/5/2022 1.0 hour(s) Preparation of Fee Applications and Related Materials 

Maggie He 12/6/2022 1.0 hour(s) Preparation of Fee Applications and Related Materials 

Milad Sedeh 12/7/2022 1.0 hour(s) Preparation of Fee Applications and Related Materials 

Brendon Barnwell 12/7/2022 1.0 hour(s) Preparation of Fee Applications and Related Materials 

Bill Derrough 12/7/2022 1.0 hour(s) Call with Debtor Representatives

Nathaniel Catez 12/7/2022 1.0 hour(s) Call with Debtor Representatives

Nathaniel Catez 12/9/2022 2.0 hour(s) Review of requested diligence materials

Maggie He 12/9/2022 2.0 hour(s) Review of requested diligence materials

Bill Derrough 12/9/2022 1.0 hour(s) Internal Discussion

Adam Keil 12/9/2022 1.0 hour(s) Internal Discussion

Nathaniel Catez 12/9/2022 1.0 hour(s) Internal Discussion

Bill Derrough 12/9/2022 1.0 hour(s) Call with Mediation Team (Mediators & Moelis)

Adam Keil 12/9/2022 1.0 hour(s) Call with Mediation Team (Mediators & Moelis)

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PREPA Mediation Advisors

Moelis & Company

Summary of Hours Worked Detail

October 01, 2022 - January 31, 2023

Total Hours: 300.0 hour(s)

Professional Date Hours Description

Nathaniel Catez 12/9/2022 1.0 hour(s) Call with Mediation Team (Mediators & Moelis)

Nathaniel Catez 12/10/2022 1.0 hour(s) Preparation of internal materials (regarding Affordability Analysis ) 

Brendon Barnwell 12/10/2022 3.0 hour(s) Preparation of internal materials (regarding Affordability Analysis ) 

Maggie He 12/10/2022 5.0 hour(s) Preparation of internal materials (regarding Affordability Analysis ) 

Nathaniel Catez 12/11/2022 1.0 hour(s) Preparation of internal materials (regarding Affordability Analysis ) 

Brendon Barnwell 12/11/2022 1.0 hour(s) Preparation of internal materials (regarding Affordability Analysis ) 

Maggie He 12/11/2022 2.0 hour(s) Preparation of internal materials (regarding Affordability Analysis ) 

Adam Keil 12/11/2022 1.0 hour(s) Call with Creditor Representatives

Nathaniel Catez 12/11/2022 1.0 hour(s) Call with Creditor Representatives

Maggie He 12/11/2022 1.0 hour(s) Call with Creditor Representatives

Adam Keil 12/12/2022 2.0 hour(s) Call with Debtor Representatives

Nathaniel Catez 12/12/2022 2.0 hour(s) Call with Debtor Representatives

Milad Sedeh 12/12/2022 2.0 hour(s) Call with Debtor Representatives

Brendon Barnwell 12/12/2022 2.0 hour(s) Call with Debtor Representatives

Maggie He 12/12/2022 2.0 hour(s) Call with Debtor Representatives

Brendon Barnwell 12/13/2022 1.0 hour(s) Preparation of Fee Applications and Related Materials 

Maggie He 12/13/2022 1.0 hour(s) Preparation of Fee Applications and Related Materials 

Adam Keil 12/13/2022 7.0 hour(s) Attended In-Person Mediation Session

Nathaniel Catez 12/13/2022 7.0 hour(s) Attended In-Person Mediation Session

Adam Keil 12/14/2022 1.0 hour(s) Call with Creditor Representatives

Nathaniel Catez 12/14/2022 1.0 hour(s) Call with Creditor Representatives

Brendon Barnwell 12/14/2022 1.0 hour(s) Call with Creditor Representatives

Maggie He 12/14/2022 1.0 hour(s) Call with Creditor Representatives

Nathaniel Catez 12/14/2022 1.0 hour(s) Mediation Material Review (regarding Production Data)

Maggie He 12/14/2022 1.0 hour(s) Mediation Material Review (regarding Production Data)

Adam Keil 12/15/2022 1.0 hour(s) Call with Creditor Representatives

Nathaniel Catez 12/15/2022 1.0 hour(s) Call with Creditor Representatives

Brendon Barnwell 12/15/2022 1.0 hour(s) Call with Creditor Representatives

Maggie He 12/15/2022 1.0 hour(s) Call with Creditor Representatives

Maggie He 1/4/2023 2.0 hour(s) Preparation of Fee Applications and Related Materials 

Brendon Barnwell 1/9/2023 1.0 hour(s) Preparation of Fee Applications and Related Materials 

Maggie He 1/9/2023 1.0 hour(s) Preparation of Fee Applications and Related Materials 

Brendon Barnwell 1/17/2023 1.0 hour(s) Preparation of Fee Applications and Related Materials 

Maggie He 1/17/2023 1.0 hour(s) Preparation of Fee Applications and Related Materials 

Maggie He 1/30/2023 1.0 hour(s) Preparation of Fee Applications and Related Materials 

Case:17-03283-LTS Doc#:23818 Filed:03/15/23 Entered:03/15/23 21:48:06 Desc: Main

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EXHIBIT C — EXPENSE SUPPLEMENT

PREPA Mediation Advisors

Moelis & Company

Summary of Expenses

October 01, 2022 - January 31, 2023

Category Description Amount

Printing Printing and presentation services $215.13

Legal Outside counsel legal fees $6,715.00

Meals $120.44

Ground Transportation $357.96

Total Expenses $7,408.53

Case:17-03283-LTS Doc#:23818 Filed:03/15/23 Entered:03/15/23 21:48:06 Desc: Main

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10

EXHIBIT D — DETAIL OF LEGAL EXPENSES

Case:17-03283-LTS Doc#:23818 Filed:03/15/23 Entered:03/15/23 21:48:06 Desc: Main

Document Page 27 of 30
Andrew Lerner, Deputy General Counsel December 9, 2022

Moelis & Company, LLC

399 Park Avenue

4th Floor

New York, NY 10022

Invoice #123550

File Number: 30415-004

Pashman Stein Walder Hayden

Tax I.D. 22-3384189

Court Plaza South

21 Main Street, Suite 200

(201) 488-8200

Hackensack, NJ 07601

Domestic Wiring Instructions International Wiring Instructions

Peapack Routing No.

Bank:

021205237

Peapack-Gladstone Bank

500 Hills Drive, Suite 300

P.O. Box 700

Bedminster, NJ 07921

Account No. 400057428 (Business Account)

Account Name: Pashman Stein, PC

Wells Fargo

420 Montgomery St.

San Francisco, CA 94104

Intermediary Bank:

Wells Fargo ABA: 121000248

SWIFT Code: WFBIUS6S

Chips ID: 0407

Beneficiary Bank: Peapack-Gladstone Bank

Account No. 2000090251838

Pashman Stein, PC

Account No. 400057428

Beneficiary Name:

Total Fees $5,265.00

Total Due This Invoice $5,265.00

RE: Moelis & Company - Puerto Rico

INVOICE SUMMARY

Case:17-03283-LTS Doc#:23818 Filed:03/15/23 Entered:03/15/23 21:48:06 Desc: Main

Document Page 28 of 30
Andrew Lerner, Deputy General Counsel January 9, 2023

Moelis & Company, LLC

399 Park Avenue

4th Floor

New York, NY 10022

Invoice #125417

File Number: 30415-004

Pashman Stein Walder Hayden

Tax I.D. 22-3384189

Court Plaza South

21 Main Street, Suite 200

(201) 488-8200

Hackensack, NJ 07601

Domestic Wiring Instructions International Wiring Instructions

Peapack Routing No.

Bank:

021205237

Peapack-Gladstone Bank

500 Hills Drive, Suite 300

P.O. Box 700

Bedminster, NJ 07921

Account No. 400057428 (Business Account)

Account Name: Pashman Stein, PC

Wells Fargo

420 Montgomery St.

San Francisco, CA 94104

Intermediary Bank:

Wells Fargo ABA: 121000248

SWIFT Code: WFBIUS6S

Chips ID: 0407

Beneficiary Bank: Peapack-Gladstone Bank

Account No. 2000090251838

Pashman Stein, PC

Account No. 400057428

Beneficiary Name:

Total Fees $510.00

Total Due This Invoice $510.00

RE: Moelis & Company - Puerto Rico

INVOICE SUMMARY

Case:17-03283-LTS Doc#:23818 Filed:03/15/23 Entered:03/15/23 21:48:06 Desc: Main

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Andrew Lerner, Deputy General Counsel February 17, 2023

Moelis & Company, LLC

399 Park Avenue

4th Floor

New York, NY 10022

Invoice #127338

File Number: 30415-004

Pashman Stein Walder Hayden

Tax I.D. 22-3384189

Court Plaza South

21 Main Street, Suite 200

(201) 488-8200

Hackensack, NJ 07601

Domestic Wiring Instructions International Wiring Instructions

Peapack Routing No.

Bank:

021205237

Peapack-Gladstone Bank

500 Hills Drive, Suite 300

P.O. Box 700

Bedminster, NJ 07921

Account No. 400057428 (Business Account)

Account Name: Pashman Stein, PC

Wells Fargo

420 Montgomery St.

San Francisco, CA 94104

Intermediary Bank:

Wells Fargo ABA: 121000248

SWIFT Code: WFBIUS6S

Chips ID: 0407

Beneficiary Bank: Peapack-Gladstone Bank

Account No. 2000090251838

Pashman Stein, PC

Account No. 400057428

Beneficiary Name:

Total Fees $940.00

Total Due This Invoice $940.00

RE: Moelis & Company - Puerto Rico

INVOICE SUMMARY

Case:17-03283-LTS Doc#:23818 Filed:03/15/23 Entered:03/15/23 21:48:06 Desc: Main

Document Page 30 of 30