Capstone Green Energy files Chapter 11, secures $30M DIP financing, restricts stock transfers

Capstone Energy Plus, Inc.

Filed voluntary Chapter 11 petitions on Sept 28, 2023 in Delaware Bankruptcy Court.
DIP Note Purchase Agreement (Oct 2) for $30M: $12M new money, $18M roll-up; SOFR + 8.75% PIK interest.
Court entered interim DIP order on Oct 2; first-day motions approved Sept 29 to maintain operations.
NOL order restricts common stock transfers: holders of >=832,500 shares (4.5%) must file declaration and obtain court clearance.
Company cautions that stock trading during Chapter 11 is highly speculative and may not reflect actual recovery.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Capstone Energy Plus, Inc. entered into Super-Priority Senior Secured Debtor-In-Possession Note Purchase Agreement with Broad Street Credit Holdings LLC valued at $30.0 million (effective 2023-10-02).

Action: entry
Agreement: credit facility
Counterparty: Broad Street Credit Holdings LLC
Value: $30.0 million
Effective: 2023-10-02

Exact text from the filing

on October 2, 2023, the Company entered into the DIP Note Purchase Agreement, which provides for $30.0 million in debtor-in-possession notes, consisting of $12.0 million of new money (the “New Money DIP Notes”) and a roll up of $18.0 million of Pre-Petition Secured Claims (the “Roll Up DIP Notes”).

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273 material agreements filed in the last 30 days. Browse all material agreements →

Capstone Energy Plus, Inc. filing history →

Source: SEC EDGAR

accession 0001558370-23-016210

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