By The Star Staff
U.S. District Judge Laura Taylor Swain, who is overseeing the Puerto Rico Electric Power Authority’s (PREPA) Title III bankruptcy, has established procedures for interested parties to request to participate in the mediation to settle the utility’s $9 billion debt.
The information came in an Aug. 6 amended order in which Swain ruled that the Competitiveness and Economic Sustainability Institute of Puerto Rico could participate in mediation by requesting that mediators allow their involvement. Previously, the judge had denied the group’s request to participate in the mediation.
Swain said requests must be made to the mediation team and may be sent to attorney Jamie Eisen via email. Eisen has been working with the lead mediator, former Judge Shelley Chapman. Both are from the law firm Willkie Farr and Gallagher.
The judge had imposed a moratorium on the case and ordered all stakeholders back into mediation after the U.S. Court of Appeals for the First Circuit altered the debt adjustment plan proposed by the Financial Oversight and Management Board when it found that the utility bonds were secured by a $8.5 billion claim on revenues instead of an unsecured $2.4 billion claim, as Swain had previously ruled.
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