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Published on 3/8/2022 in the Prospect News Distressed Debt Daily.

Alto Maipo seeks approval to assume restructuring support agreement

By Sarah Lizee

Olympia, Wash., March 8 – Alto Maipo Delaware LLC asked the U.S. Bankruptcy Court for the District of Delaware to approve its assumption of a restructuring support agreement, according to a motion filed Monday.

The company said the RSA will terminate if it isn’t approved by March 25. A hearing is scheduled for March 24.

As previously reported, the company negotiated the prearranged restructuring with creditors holding a majority of its senior secured debt.

On the plan effective date, the company will issue $1.05 billion of new senior first-lien debt through a combination of notes and project finance style loans and $995.31 million of new second-lien debt.

Holders of administrative claims and professional fee claims will receive payment in full in cash.

Holders of Alto Maipo senior secured obligations will receive their pro rata share of the first- and second-lien debt, provided that Strabag’s pro rata share of the debt will be held in escrow pending satisfaction of all conditions to payment of a supplier deferred payment.

Holders of secured claims will receive, at the option of the debtors, cash equal to their claims or the collateral securing their claims.

Holders of priority claim will receive treatment in a manner consistent with section 1129(a)(9) of the bankruptcy code.

Holders of general unsecured claims, whether subordinated or unsubordinated, will have their claims canceled with no distribution.

DIP claims will be exchanged for, or paid with the proceeds of, a super-senior first-lien secured financing facility. AES Andes or its designee will receive new common equity.

All of Strabag’s other claims that are allowed, other than claims that constitute Alto Maipo senior secured obligations, will receive payment in full in cash, subject to certain conditions and deferrals.

Holders of intercompany claims will have their claims reinstated or canceled with no distribution.

Holders of existing equity interests will have their interests canceled with no distribution.

The Santiago, Chile-based renewable energy company filed bankruptcy on Nov. 17 under Chapter 11 case number 21-11507.


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