ORDER REGARDING CERTAIN ASPECTS OF MOTION FOR CONFIRMATION OF MODIFIED EIGHTH AMENDED TITLE III JOINT PLAN OF ADJUSTMENT OF THE COMMONWEALTH OF PUERTO RICO, ET AL.
Source: UNITED STATES DISTRICT COURT FOR THE DISTRICT OF PUERTO RICO
The Court, having presided over the November 2021 hearing on the Debtors’ motion for confirmation of the Modified Eighth Amended Title III Joint Plan of Adjustment of the Commonwealth of Puerto Rico, et al. (Docket Entry No. 19365 in Case No. 17-3283, as modified pursuant to any revisions made at or subsequent to the Confirmation Hearing as set forth in the Proposed Confirmation Order, including the Plan Supplement, and as may be modified pursuant to section 313 of PROMESA, the “Proposed Plan”),2 and having reviewed carefully the parties’ submissions and all of the evidence submitted in connection therewith, including the Notice of Filing of Revised Proposed Order and Judgment Confirming Modified Eighth Amended Title III Joint Plan of Adjustment of the Commonwealth of Puerto Rico, et al. (Docket Entry No. 19368, the “Proposed Confirmation Order”) and the Notice of Filing Revised Proposed Findings of Fact and Conclusions of Law in Connection with Confirmation of the Modified Eighth Amended Title III Joint Plan of Adjustment of the Commonwealth of Puerto Rico, et al. (Docket Entry No. 19427, the “Proposed FFCL” and, together with the Proposed Plan and the Proposed Confirmation Order, the “Proposed Plan Materials”), has identified certain materially problematic aspects of the Debtors’ Proposed Plan Materials. This Memorandum Order identifies the relevant issues, sets forth the Court’s views, and invites the Debtors’ proposal of modifications consistent with this Memorandum Order or a showing of cause as to why the motion for confirmation should not be denied in the absence of such modifications.