Cobra Acquisitions LLC, a subsidiary entirely owned by Mammoth Energy Services, Inc. (TUSK), announced on Thursday that the previously disclosed Settlement Agreement with the Puerto Rico Electric Power Authority (PREPA) was approved by the Title III Court during the omnibus hearing on September 18, 2024.
Under the terms of this Settlement Agreement, which received approval from Judge Laura Taylor Swain, Cobra will receive a total settlement amount of $188.4 million.
As part of the agreement, PREPA is obligated to pay Cobra $150 million within ten business days following the September 18 hearing. The remaining $38.4 million, which includes $18.4 million related to funds PREPA has received from the Federal Emergency Management Agency but is currently withholding, will be disbursed according to the conditions outlined in the Settlement Agreement.
