Former Footprint Power lays out allowed amount of loan claims

Chicago, Nov. 21 – Salem Harbor Power Development LP, formerly Footprint Power Salem Harbor Development LP, agreed with its prepetition agent on the allowed amount of credit facility deficiency claims under its Chapter 11 plan, according to an order filed with the U.S. Bankruptcy Court for the District of Delaware.

As part of the plan confirmed on Aug. 18, the credit facility deficiency claims constituted general unsecured claims.

In the Chapter 11 plan, each holder of a general unsecured claim will receive their pro rata share of the $175,000 cash pool distribution amount. However, to the extent the Iberdrola Energy Projects, Inc. (IEP) judicial lien is found to be valid, this class will not receive a distribution.

The class was deemed vacant and eliminated after an order approving an agreement between Salem Harbor and Iberdrola.

In connection with consummation of the plan, and in order to facilitate distributions to holders of allowed general unsecured claims pursuant to the plan as soon as practicable following the effective date, the amount of allowed credit facility deficiency claims is being fixed at $145 million.

The Salem, Mass.-based power plant operator filed bankruptcy on March 23, 2022 under Chapter 11 case number 22-10239.

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