On March 23, 2022, Massachusetts-based Footprint Power Salem Harbor Development LP and certain affiliates, which operate a 674 MW natural gas-fired combined-cycle electric power plant in Salem, Massachusetts, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10239).  According to the first day declaration, the Debtors have executed an RSA with holders representing over 80% of the aggregate principal amount of secured credit facility claims and secured lenders have agreed to consensual cash collateral terms.  The RSA contemplates a toggle plan, wherein the Debtors will simultaneously pursue a debt-for-equity plan and a sale process.  The company reports $500 million to $1 billion in both assets and liabilities.

Cole Schotz does not represent the Debtors in these cases.  We are posting this for informational purposes only.  If you have received a notice and have any questions, you should contact Debtor’s counsel.

Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York, and Texas