Noble Environmental in bankruptcy to implement restructuring agreement

By Caroline Salls

Pittsburgh, Sept. 15 – Noble Environmental Power, LLC filed Chapter 11 bankruptcy Thursday in the U.S. Bankruptcy Court for the District of Delaware.

Noble said it reached an agreement with secured lender Paragon Noble, LLC on a restructuring transaction, which will be implemented through a Chapter 11 plan of reorganization.

Under the plan, the principal amount of the company’s secured debt will be reduced by 10% and converted to equity. The maturity date of the debt will be extended by five years, and the interest rate will be changed to the applicable federal rate.

A portion of Noble’s secured debt will be converted into 100% of the equity in the reorganized company.

General unsecured claims will be paid in full in cash, without interest, late fees, penalties or attorneys’ fees.

Holders of existing equity will receive no distribution.

The company said it intends to file the plan and related disclosure statement shortly and to seek confirmation of the plan and emerge from bankruptcy as soon as possible.

According to court documents, Noble has $100 million to $500 million in both assets and debt.

The company did not list any unsecured creditors with claims of $1 million or more.

Young Conaway Stargatt & Taylor, LLP is serving as counsel for Noble Environmental’s Chapter 11 case.

Noble Environmental is a Centerbrook, Conn.-based wind-energy company. The Chapter 11 case number is 16-12055.

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