Brookfield Faces Looming Creditor Clash Over Polish Solar Firm
(Bloomberg) -- Alternative asset manager Brookfield Asset Management Ltd.’s plan to take over the operations of a Polish solar firm that suddenly collapsed into bankruptcy faces potential opposition from lower-ranking creditors.
On Friday, a federal judge in Houston ordered Brookfield to turn over Whatsapp messages, emails and other internal communications about the lender’s effort to swap GoldenPeaks Poland Holding Ltd. debt it owns for the control of the company’s solar-power operations. The order follows a request of an official committee of unsecured creditors to get details about Brookfield’s bid.
The New York-based asset manager agreed to give the creditors’ committee the details by Sunday, the day before the deadline to file its opposition to the proposed sale. Committee lawyer Victoria Bruno has complained that Brookfield has spent weeks dragging its feet on what should be a routine request for information. The committee needs the information to decide whether to object to the sale, she said in court.
“The committee should not be forced to wait,” Bruno said.
US Bankruptcy Judge Alfredo Perez is scheduled to hold a hearing on Tuesday to decide whether to approve the sale to Brookfield. Under its purchase deal, Brookfield has agreed to take over the assets in exchange for canceling debt it is owed by GoldenPeaks.
Brookfield has met with the committee to try to resolve their differences and has agreed to provide information about the sale as quickly as it can, company attorney Evan Fleck told the judge during the hearing on Friday.
The asset manager has been pushing for a fast sale of GoldenPeaks, which owes lenders, including Brookfield, almost $1 billion. Perez has agreed to start the sale hearing on Tuesday as Brookfield has requested, but warned that the process may not conclude the same day.
Before GoldenPeaks filed for bankruptcy in May, the company spent years amassing energy assets in Poland and Hungary and claimed to be one of the biggest solar-power players in central and eastern Europe. It’s the largest owner of utility-scale solar assets in Poland, according to court documents filed in Houston.
The case is GoldenPeaks Poland Holding Limited, 26-90564, US Bankruptcy Court, Southern District of Texas (Houston).
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