Overview
- The U.S. developer and certain subsidiaries filed in the Southern District of Texas to run a competitive, court-supervised sale of substantially all assets and operations.
- Current lenders committed financing and agreed to act as stalking-horse bidders for asset portfolios, including a deal covering the IPP platform and about 10 GWdc of safe-harbored pipeline.
- Pine Gate stated that development, construction, O&M services, and power generation will continue, supported by first-day motions to pay employees and honor postpetition obligations.
- ACT Power Services was excluded from the Chapter 11 cases, and the company is pursuing a separate sale of that O&M business.
- The company named Alvarez & Marsal’s Mark Rajcevich as chief restructuring officer, and Blue Ridge Power’s September WARN notices outlined more than 500 planned layoffs by November 18.