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November 29, 2018 – The Court hearing the Commonwealth of Puerto Rico case approved [Docket No. 4382] the Disclosure Statement of The Puerto Rico Sales Tax Financing Corporation (“COFINA” or the “Debtor”) and fixed a confirmation hearing date in respect of the Debtors’ Plan.
The Court order states, “With respect to Claims in Classes 2, 3, and 6, Ballots to vote to accept or reject the Plan should be provided to Ambac, National, or Assured, respectively, and such party should be entitled to vote the Claims in such Classes. Beneficial holders of Claims in Classes 2 and 3 shall be entitled to receive Election Notices to make an election with respect to the form of distribution under the Plan. Ballots need not be provided to the holders of Claims in Classes 4 and 7, because the holders of these Claims are deemed to accept the Plan upon electing to be treated under such Class. Ballots need not be provided to the holders of Claims in Class 10, because such holders will receive no distributions pursuant to the Plan and are deemed to reject the Plan…For the purposes of voting to accept or reject the Plan, Ambac, National, or Assured shall have the sole right to cast the votes to accept or reject such Plan on account of Claims in Classes 2, 3, and 6, respectively.”
The Court scheduled a hearing to consider confirmation of the Plan for January 16, 2019, with a continuation, if necessary, scheduled for January 17, 2019.
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