On November 17, 2021, Alto Maipo SpA, a Chile-based run-of-the-river project, which uses the natural flow of a river to generate electricity without the construction of a dam, along with subsidiary Alto Maipo Delaware LLC, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-11507). The company reports $1 billion to $10 billion in both assets and liabilities. According to the board minutes attached to the petition, the Debtors have obtained a DIP financing commitment from AES Andes, an indirect parent company of the Debtors, for a credit facility up to $50 million. A press release characterizes the filing as Pre-Arranged after agreement was reached among creditors although according to the board minutes the company and its lenders have not reached an agreement on definitive terms of a restructuring support agreement.
Cole Schotz does not represent the Debtors in this case. We are posting this for informational purposes only. If you have received a notice and have any questions, you should contact Debtors’ counsel.
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