New Delaware Chapter 11 Filing – Noble Environmental Power, LLC

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Noble Environmental Power, LLC, and several of its affiliates filed for Chapter 11 protection in the Bankruptcy Court for the District of Delaware (Lead Case No. 16-12055).  Noble, a renewable energy company that owns and operates wind generation assets in New York and Texas, has its principal place of business in Centerbrook, Connecticut.  According to the Debtor’s first day affidavit, downward trends in energy prices have made its debt obligations untenable, leading to the commencement of this case.  The Debtor enters bankruptcy having already negotiated a Plan Support Agreement with its secured lender, Paragon Noble, LLC.  The Plan Support Agreement contemplates a Plan that will reduced the Debtor’s secured debt by 10%, extend the maturity of its remaining debt by five years, and reduce the rate of interest on its debt to the applicable federal rate.  The Plan will result in Paragon Noble owning 100% of the equity in the reorganized Debtor.  The Debtor has also filed a motion to retain American Legal Claim Services, LLC as claims agent.  The Debtor’s first day filings are not yet available through American Legal Claim Services.  The Debtor’s Petition may be found here and includes a list of the fifteen largest unsecured claims against the Debtor.

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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