P.R. Laws tit. 13, § 113g
(a) In the event of a transfer of all or substantially all of the petitioner’s assets pursuant to § 113f of this title, after the closing of the transfer, the petitioner, with the approval of GDB (or GDB, at the Governor’s request, on behalf of the petitioner), shall file a statement of allocation setting forth how the proceeds of transfer shall be allocated among each affected creditor or classes of affected creditors, and each affected creditor shall be entitled to object to the allocation by filing an objection no later than thirty (30) days after the statement of allocation is filed. When the transfer proceeds include forms of consideration other than cash and cash equivalents, the statement of allocation shall provide which forms of consideration shall be distributed to which classes of claims, or whether the non-cash forms of consideration shall first be sold for cash and then distributed.
(b) The Court shall hold a hearing to determine each objection. When all objections are resolved, the petitioner shall file an amended statement of allocation of the proceeds of transfer consistent with the Court’s rulings on the objections. Affected creditors shall have fourteen (14) days to file objections to the petitioner’s amended statement of allocation; Provided, however, That such objections, if any, will be limited only to arguments that the amended statement of allocation does not accurately reflect the Court determination-after which the Court shall hold a hearing to resolve the objections and shall issue a final statement of allocation binding on the petitioner and all creditors. If there is no objection timely filed to the petitioner’s amended statement of allocation, the Court shall order that the net proceeds of transfer shall be allocated in accordance with the petitioner’s amended statement of allocation without further notice or hearing.
(c) If substantially all of the petitioner’s assets are transferred pursuant to § 113f of this title, a plan distributing the value of the assets not subject to such transfer shall not be required, but may be filed at the discretion of the petitioner, or by GDB on its behalf. If no such plan is filed, the final statement of allocation shall allocate the value of the assets that have not been transferred by means of such forms of consideration as are feasible and practicable under the circumstances.
History —June 28, 2014, No. 71, § 308.