New Delaware Chapter 11 Filing – Noble Environmental Power, LLC
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.
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