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Former Footprint Power’s Chapter 11 plan effective as of Dec. 16
By Sarah Lizee
Olympia, Wash., Dec. 16 – Salem Harbor Power Development LP, formerly Footprint Power Salem Harbor Development LP, had its Chapter 11 plan go into effect on Friday, according to a notice filed with the U.S. Bankruptcy Court for the District of Delaware.
The plan was confirmed on Aug. 18.
As previously reported, the company initially filed a dual-track plan that allowed for either a sale or restructuring. Later the company decided to go forward with a stand-alone restructuring.
Under the plan, holders of administrative claims and priority tax claims will be paid in full.
Holders of other secured claims will receive payment in full in cash, the collateral securing their claims, or reinstatement of their claims.
Holders of other priority claims will receive payment in full in cash.
Holders of credit facility claims will receive a pro rata share of 100% of the new common equity and a new $60 million first-lien term loan facility.
The holder of the Iberdrola Energy Projects, Inc. (IEP) judicial lien claim will receive its pro rata share of the $175,000 cash pool distribution amount, if the claim is found to be valid.
Each holder of a general unsecured claim will receive their pro rata share of the $175,000 cash pool distribution amount. However, to the extent the IEP judicial lien is found to be valid, this class will not receive a distribution.
Intercompany claims and interests will be reinstated or canceled with no distribution.
Holders of section 510(b) claims will receive no recovery.
Interests will be canceled with no distribution.
The Salem, Mass.-based power plant operator filed bankruptcy on March 23, 2022 under Chapter 11 case number 22-10239.
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