Brookfield cleared as GoldenPeaks Poland stalking horse bidder

A US bankruptcy court has approved Brookfield Asset Management (BAM:TSE) as the stalking horse bidder for the assets of bankrupt solar developer GoldenPeaks Poland Holding and finalised the company's debtor-in-possession (DIP) financing.

Judge Alfredo R Perez of the US Bankruptcy Court for the Southern District of Texas signed the final orders on July 6.

One of the orders finalises a debtor-in-possession loan from Brookfield providing more than USD 150 million (EUR 131.2m) in new money. The amount is split between two tranches of USD 117.7 million and USD 33 million in new money, respectively, plus about USD 12.1 million in rolled-up existing debt.

Another order approves Brookfield as the stalking horse bidder for GoldenPeaks' assets ahead of a court-supervised sale process. As of July 3, Brookfield's offer included a USD-114.9-million credit bid. The stalking horse agreement also entitles the Canadian investor to reimbursement of its actual out-of-pocket costs of up to USD 3 million.

Competing bids, if any, are due by July 27. An auction, if required, is scheduled for July 30, while a sale hearing is set for August 4.

Active mainly in Central and Eastern Europe’s green energy market, GoldenPeaks filed for Chapter 11 bankruptcy in the US, alongside 40 of its corporate affiliates, in May. In the court filings, the Malta-headquartered firm had listed total assets between USD 1 billion and USD 10 billion. Its liabilities were reported in the range of USD 500 million to USD 1 billion. Hundreds of creditors are involved in the multi-entity case.