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Judge approves Noble Environmental Power reorganization

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Judge approves Noble Environmental Power reorganization

A U.S. bankruptcy judge approved a reorganization plan for Noble Environmental Power LLC that gives control of the wind farm operator to Michael Dell's MSD Capital LP

The Dec. 9 ruling came less than three months after Noble Environmental Power, which owns a 726-MW portfolio of wind projects, filed for Chapter 11 protection in U.S. Bankruptcy Court for the District of Delaware.

The plan, approved by Judge Kevin Gross, will repay general unsecured creditors in full. Paragon Noble LLC, a special purpose vehicle controlled by MSD Capital that owned approximately 55% of Noble Environmental Power at the time of the bankruptcy filing, was given all of the new equity interest in the reorganized company.

Meanwhile, J.P. Morgan Chase & Co. and the Canada Pension Plan Investment Board, which respectively owned 29% and 14% of the equity interest in the company, will see their stakes wiped out.

At the end of 2015, Noble Environmental Power said it had $691 million in net operating losses, "extremely valuable" assets that can be used to reduce future income tax liability, company President and CEO Kay McCall said in a September court filing.

Michael Dell, the founder, chairman and CEO of Dell Inc., started MSD Capital in 1998.