New Chapter 11 Filing – Footprint Power
On March 23, 2022, Massachusetts-based Footprint Power Salem Harbor Development LP and certain affiliates, which operate a 674 MW natural gas-fired combined-cycle electric power plant in Salem, Massachusetts, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10239). According to the first day declaration, the Debtors have executed an RSA with holders representing over 80% of the aggregate principal amount of secured credit facility claims and secured lenders have agreed to consensual cash collateral terms. The RSA contemplates a toggle plan, wherein the Debtors will simultaneously pursue a debt-for-equity plan and a sale process. The company reports $500 million to $1 billion in both assets and liabilities.
Cole Schotz does not represent the Debtors in these cases. We are posting this for informational purposes only. If you have received a notice and have any questions, you should contact Debtor’s counsel.
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