Noble Environmental Power LLC Completes Financial Restructuring and Emerges from Chapter 11
Centerbrook, CT, December 15, 2016 — Noble Environmental Power LLC announced today that it has successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy, a process initiated on September 15, 2016. Noble’s Amended Plan of Reorganization was confirmed by the U.S. Bankruptcy Court for the District of Delaware by 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, commented, “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.”
About Noble Environmental Power, LLC
Noble is a leading renewable energy company that owns and operates 726 mW of wind energy projects in New York and Texas. For more information, visit www.noblepower.com.