San Juan, PR – June 17, 2023 – The Financial Oversight and Management Board for Puerto Rico today filed an informative motion with the U.S. District Court for the District of Puerto Rico with the following information:
The Oversight Board has been working to finalize the revised Fiscal Plan for the Puerto Rico Electric Power Authority (PREPA). That process was set back by the Oversight Board’s receipt and review of new information from, among others, PREPA, LUMA Energy LLC, and Genera PR.
Such data and its impact on the projections included in the 2023 PREPA Fiscal Plan will determine amendments that will be required to the PREPA Plan of Adjustment to maintain its feasibility.
The Oversight Board believes it is in all parties’ best interests that it simultaneously certify the 2023 PREPA Fiscal Plan and specify any necessary amendments to the Plan of Adjustment. Therefore, the Oversight Board informed the Court that it could not responsibly certify the 2023 PREPA Fiscal Plan by its anticipated deadline of June 16, 2023.
The Oversight Board is committing by no later than Friday, June 23, 2023 to certify the 2023 PREPA Fiscal Plan and to identify any necessary amendments to the Plan of Adjustment. The amendments may or may not require resolicitations but given the proximity of the confirmation hearing’s commencement date, it is likely the Oversight Board (and other parties) may seek to change the confirmation schedule based on these developments, especially the June 26, 2023 deadline for witness declarations because any amendments could impact witness declarations.
The Oversight Board requested that the Court extend the deadline for the Court’s requested status report on the 2023 PREPA Fiscal Plan from June 21, 2023, to June 28, 2023. The Oversight Board will meet and confer with counsel for objectors as soon as practicable after the 2023 PREPA Fiscal Plan is certified.
For the complete informative motion, please visit https://cases.ra.kroll.com/puertorico/