Jeff...Title III Court?
Back on May 28th under resolution 4798 PREPA laid out steps to approve and authorize the amended and restated (A&R) versions of the 16 shovel ready projects. Step 1 is PREB/FOMB approval and then step 2 says they must be submitted to the "Title III Court for assumption." Can you explain what this means and will it delay things further? The following is the quote from resolution 4798: "In accordance with Act 83, PREPAs Governing Board resolves to approve and authorize: 1. the submission of the A&R PPOAs to the Financial Oversight and Management Board, the Puerto Rico Energy Bureau and the Puerto Rico Public Private Partnerships Authority for approval; 2. following such approval, the finalization and execution of the A&R PPOAs and submission of each such A&R PPOA to the Title III Court for assumption; 3. execution of such ancillary documentation and carrying out of such other steps as reasonably necessary to effect the foregoing"