Noble Environmental Wins Court Approval of Bankruptcy-Exit Plan
December 09 2016 - 1:30PM
Dow Jones News
Noble Environmental Power LLC, a bankrupt wind-energy company
backed by billionaire Michael Dell, has won court approval for its
restructuring plan.
Judge Kevin Gross on Friday approved the plan, which allows the
company's key lender, Mr. Dell's MSD Capital, to take a 100% stake
in the reorganized wind-energy company, according to documents
filed with the U.S. Bankruptcy Court in Wilmington, Del.
The chapter 11 restructuring plan will repay nearly all of the
Centerbrook, Conn., energy company's creditors in full, including
general unsecured creditors.
MSD Capital, Mr. Dell's investment operation, was established in
1998 to exclusively manage the money of Michael Dell and his
family.
Mr. Dell, Dell Inc.'s chairman and chief executive who took his
namesake computer company private in 2013 for $25 billion, has a
personal net worth of $19.9 billion and is No. 20 on Forbes
magazine's list of the richest Americans. Dell, meanwhile, recently
completed its $60 billion deal to acquire EMC Corp., the largest
technology merger in history.
J.P. Morgan Chase & Co., which owned a 29% stake in the
wind-farm company, and the Canada Pension Plan Investment Board, a
Canadian pension fund that owns 14.3%, will see their existing
equity stakes wiped out under the deal.
Noble entered chapter 11 protection in September with plans to
hand over 100% control of its business to Mr. Dell's investment
firm.
Founded in 2004, Noble is a holding company for seven wind parks
in New York and Texas, capable of generating 726 megawatts of
energy. The wind-power company's subsidiaries, which own and
operate the seven wind farms, didn't file for bankruptcy.
Among Noble's most valuable assets, according to court papers,
are $691 million in so-called net operating losses, which a
reorganized company can use to offset future taxes.
(END) Dow Jones Newswires
December 09, 2016 13:15 ET (18:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
JP Morgan Chase (NYSE:JPM)
Historical Stock Chart
From Apr 2024 to May 2024
JP Morgan Chase (NYSE:JPM)
Historical Stock Chart
From May 2023 to May 2024
