New Chapter 11 Filing – Alto Maipo SpA

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On November 17, 2021, Alto Maipo SpA, a Chile-based run-of-the-river project, which uses the natural flow of a river to generate electricity without the construction of a dam, along with subsidiary Alto Maipo Delaware LLC,  filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-11507).  The company reports $1 billion to $10 billion in both assets and liabilities.  According to the board minutes attached to the petition, the Debtors have obtained a DIP financing commitment from AES Andes, an indirect parent company of the Debtors, for a credit facility up to $50 million.  A press release characterizes the filing as Pre-Arranged after agreement was reached among creditors although according to the board minutes the company and its lenders have not reached an agreement on definitive terms of a restructuring support agreement.

Cole Schotz does not represent the Debtors in this case.  We are posting this for informational purposes only.  If you have received a notice and have any questions, you should contact Debtors’ counsel.

Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York, and Texas.

As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.

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