The Fiscal Control Board (FCB) notified that the first hearing for the case of Puerto Rico's bankruptcy will be on May 17 at 9:30 a.m. at the Federal Court in Hato Rey presided by judge Laura Taylor Swain.

The information is contained in a motion filed last night by the lawyers of the FCB, Proskauer Rose and O'Neill <><><><><> & Borges, in the case in which the pensioners were first registered as creditors and that in recent days has had multiple requests for appearance from other sectors including unions, the University of Puerto Rico (UPR) and bond insurers./p

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Under PROMESA Law, the Board represents Puerto Rico's Government and is the entity that initiates and moves the bankruptcy case. In the motions filed yesterday, the Board formalizes that the Government of Puerto Rico will continue to operate 'to maintain its functions and provide services for the benefit of the citizens of Puerto Rico', but that the Board is the one that will submit the debt adjustment plan for the creditors pointed in the case, something they intend to do without prejudice to voluntary negotiations that can be reached./p

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The Board's representatives proposed the first issues to be resolved by the judge:/p

Consolidate Puerto Rico's bankruptcy case with Puerto Rico Sales Tax Financing Corporation (COFINA, spanish acronym).

Order the manner in which official notification of the beginning of the bankruptcy case is to be given and a 14-day term for creditors to submit their claims in the case.

Authorize an advance payment of $ 100,000 to Prime Clerk, entity contracted to maintain a public record of all matters related to bankruptcies.

An extension until June 30, 2017 to compile the Matrix of Creditors and until August 30, 2017 to compile the List of Creditors, instruments used to organize claims against the debtor, including labor and suppliers, which the Board anticipates ta difficult process because they have to go through 118 agencies to collect information that not all is digitalized.

Establish that the rules that will apply to the bankruptcy of Puerto Rico are the rules of the Bankruptcy Court, district of Puerto Rico, as well as special rules of handling of appearances and hearings that the Board proposes.