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Puerto Rico Bankruptcy Procedures Approval Sought

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The Commonwealth of Puerto Rico’s official committee of retired employees filed with the U.S. Bankruptcy Court a motion for an order (i) establishing procedures for retiree access to information and (ii) employing Marchand ICS Group in connection therewith.

The motion explains, “The Retiree Committee represents the interests of approximately 160,000 retirees. Many of these retirees have very limited access to information regarding the Title III Cases, and many do not speak English. Accordingly, to meet the needs of its constituents and the requirements of section 1102(b)(3) of the Bankruptcy Code, the Retiree Committee seeks this Court’s approval of its employment of a local Puerto Rico firm, Marchand, as Information Agent pursuant to section 1103(a) of the Bankruptcy Code, both to satisfy the Retiree Committee’s obligations to provide information to retirees under section 1102(b)(3) and to perform such additional communications services as may be necessary and directed by the Retiree Committee.”

The motion continues, “In addition, by this Motion, the Retiree Committee seeks entry of an order establishing procedures to guide the Retiree Committee and Marchand in connection with retiree access to information. Specifically, the Retiree Committee seeks entry of an order indicating that it shall not be required to provide retirees with access to certain Confidential Information and/or Privileged Information.”

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