Affiliates of OYA Renewables, a Boston- and Toronto-based solar infrastructure power developer founded in 2009, filed voluntary petitions under Chapter 11 of the Bankruptcy Code with the U.S. Bankruptcy Court for the District of Delaware, seeking to facilitate an efficient and value-maximizing sale process and administer distributions and resolutions with creditors. The Chapter 11 cases managed the marketing and sale of seven separate asset and developmental equity packages, primarily throughout the U.S. East Coast, to four distinct purchasers, including the negotiation and closing of unique structures for each transaction. The Debtors’ stalking horse purchaser provided DIP financing that consensually primed certain debt of prepetition secured lenders.
The Debtors leveraged the sale process through auctions and extensive negotiations with high bidders as well as each of the Debtors’ secured lenders and major creditors. The Debtors also brokered a global settlement with the Unsecured Creditors’ Committee and GDEV, a remaining secured lender, after the closing of each of the approved sales, agreeing on terms for a consensual Chapter 11 plan, the establishment of a liquidation trust, and a responsible winddown of components of the Debtors’ businesses.
The Court approved the Plan on a fully consensually basis, and the Plan became effective on April 29, 2025, including robust third-party releases via an opt out mechanism and broad court gatekeeper provisions. OYA was represented by Duston McFaul, Maegan Quejada, and Ishani Patel (Restructuring – Houston), Bill Curtin, Nathan Elner, Ian Ferrell, Chelsea McManus, Veronica Courtney, Hayden Golemon, and Jeffrey Butcher (Restructuring – New York, Dallas, Chicago), Jessica Adkins, Ashley Moulder, Caroline Speck, Zayn Mian, and Hannah Qin (Energy & Corporate), Brian Minyard, Sara Daniel, and Katy Yu (Finance), and Angela Richards and Khoa Nguyen (Tax), with support from paralegals D.J. Lutes and Linda Wilson.
