Privately-held Noble Environmental Power (NEP) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, case number 16-12055. The Company, which operates and maintains renewable energy windparks, is represented by Robert S. Brady of Young Conaway Stargatt & Taylor.
According to documents filed with the Court, “Simply put, NEP’s assets are worth less than its debts, and NEP will be unable to pay its guarantee obligations to the Lender when they mature on July 31, 2017. Accordingly, chapter 11 will enable NEP to recapitalize its equity ownership, reduce its secured debt, lower its debt service, and extend the maturity of its secured debt by five (5) years.”
Noble Environmental Power’s Chapter 11 petition indicates total assets greater than $100 million. Read more renewable energy bankruptcy news.