New Delaware Chapter 11 Filing – La Paloma Generating Company, LLC
La Paloma Generating Company, LLC and two of its affiliates have filed petitions for chapter 11 bankruptcy relief in the United States Bankruptcy Court for the District of Delaware (Case No. 16-12700). The Debtor is the owner and operator of a natural gas-fired power generation facility based in California. The petition lists between $100 million and $500 million in assets and between $500 million and $1 billion in liabilities. According to the First Day Declaration, a challenging regulatory environment, mounting compliance obligations and substantial debt service requirements led to the commencement of these cases. Epiq Bankruptcy Solutions, LLC is the proposed claims agent. The Debtors seek joint administration of these cases. The petition can be found here. The Honorable Christopher S. Sontchi has been assigned to the cases.
Contact Norman L. Pernick and Nicholas J. Brannick for more information.
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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