Noble Environmental Power emerges from bankruptcy with 100% ownership by Paragon Noble and restructured debt
Written By: Stratton Report
December 15, 2016
On December 15, Noble Environmental Power LLC announced the completion of its financial restructuring and emergence from Chapter 11 bankruptcy, a process initiated in September 2016.
According to the firm, Noble’s amended plan of reorganization was confirmed by the U.S. Bankruptcy Court for the District of Delaware by an order dated December 9, 2016.
As part of the reorganization, Paragon Noble, LLC agreed to reduce the Noble debt it held by 10%, reduce the interest rate on its debt and extend the maturity of its debt by an additional five years. As a result of the reorganization, Paragon Noble now owns 100% of the equity of Noble. All creditors other than Paragon Noble retained 100% of their claims.
Kay McCall, Noble Environmental Power’s President and Chief Executive Officer remarked:
“We are pleased that Noble Environmental Power’s reorganization was concluded on schedule, without an objection by any party. We appreciate the cooperation of our stakeholders in supporting Noble as we move forward with a stable capital structure.”
Noble stressed that it owns and operates 726-MWs of wind energy projects in New York and Texas.