CMS has advised Markbygden Ett AB (“Markbygden”), a distressed windfarm operator, on the successful restructuring of its debt. This landmark restructuring secures the financial viability and continued operations of one of Europe's largest onshore wind farms.
Markbygden faced several significant challenges that are common to some other wind farms in the Nordics, including a baseload power purchase agreement (PPA), technical issues, and high electricity price volatility in the relevant Nord Pool zone, particularly in the wake of the war in Ukraine.
CMS, in collaboration with PwC, Cederquist and Mannheimer Swartling, supported Markbygden in reaching a solution with all key stakeholders. The restructuring was implemented through a Swedish Reorganisation Plan, and was one of the most complex cases to be presented to the Swedish Court to date.
The successful restructuring will enable Markbygden to continue trading with a stabilised capital structure, with key creditors’ claims anticipated to be settled through a future M&A process.
CMS Finance Partner Nicholas Ross-McCall comments: "The successful restructuring of Markbygden is testament to the collaborative efforts and expertise of all parties involved.”
“We are proud to have played a pivotal role in securing the future of one of Europe's largest onshore wind farms." adds CMS Restructuring & Insolvency Partner Timea Scholey.
The CMS team was led by partners Nicholas Ross-McCall (Energy Finance) and Timea Scholey (Restructuring & Insolvency).
