Brookfield Granted Key Role in GoldenPeaks Poland Bankruptcy Sale by US Court

Brookfield (BN) has won a key court ruling giving it a central role in the sale of bankrupt solar company GoldenPeaks Poland, the lawsuit said Monday. The US Bankruptcy Court for the Southern District of Texas approved Brookfield as the stalking horse bidder in the auction process. The bid will be paid using outstanding debtor-in-possession financing rather than cash, with the value based on the amount owed at the start of the auction. As of Friday, this amount is $114.9 million, according to the the suit. The bid will allow the debtors to "minimize disruption to the debtors' restructuring and/or sale process and secure a fair and adequate baseline bid for the purchased assets at the auction(s) (if any)," the court said. The court has set a timeline for the GoldenPeaks sale process. Early deadlines include the sale notice on Tuesday. The process concludes with the announcement of successful and backup bidders on July 31, objections due Aug. 3, and a final sale hearing on Aug. 4. Price: $44.05, Change: $+0.62, Percent Change: +1.42%