Noble Environmental Power LLC, a bankrupt wind-energy company backed by billionaire Michael Dell, has won court approval for its restructuring plan, the Wall Street Journal reported on Saturday. Bankruptcy Judge Kevin Gross on Friday approved the plan, which allows the company’s key lender, Dell’s MSD Capital, to take a 100 percent stake in the reorganized wind-energy company, according to documents filed with the U.S. Bankruptcy Court in Wilmington, Del. The chapter 11 restructuring plan will repay nearly all of the Centerbrook, Conn., energy company’s creditors in full, including general unsecured creditors. MSD Capital, Dell’s investment operation, was established in 1998 to exclusively manage the money of Michael Dell and his family. JPMorgan Chase & Co., which owned a 29 percent stake in the wind-farm company, and the Canada Pension Plan Investment Board, a Canadian pension fund that owns 14.3 percent, will see their existing equity stakes wiped out under the deal. Noble entered chapter 11 protection in September with plans to hand over 100 percent control of its business to Dell’s investment firm.
