Brookfield Wins Approval as GoldenPeaks Bidder With $162.8M Financing

GoldenPeaks Poland Holding Limited filed a voluntary chapter 11 petition on May 29, 2026, in the U.S. Bankruptcy Court for the Southern District of Texas, listing itself and 39 affiliated debtors as jointly administered under Case No. 26-90564 before Judge Alfredo R. Perez. The first-day declaration of restructuring advisor Edward Manning of Alvarez & Marsal put unencumbered cash at less than €1.1 million at filing and said Brookfield had infused more than $10 million in emergency funding to keep the company operating before the petition date. Seven weeks later, the case has moved through an interim-to-final debtor-in-possession financing package, a court-approved sale process, and a filed liquidation plan, all while Brookfield Asset Management occupies both sides of the transaction as DIP lender and stalking-horse bidder.

GoldenPeaks Poland operates a roughly 664 MWp portfolio of solar photovoltaic assets in Poland, with additional projects under construction in Hungary, and describes itself in court filings as the largest owner of solar assets in the country. Bloomberg Law reported that the petition listed $1 billion to $10 billion in estimated assets and $500 million to $1 billion in estimated liabilities. PV Tech reported total funded debt of approximately $952 million, based on the court filings.

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GoldenPeaks Poland Holding Limited

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Prepetition Defaults and the Road to chapter 11

Manning's declaration traces the distress to a cluster of prepetition defaults rather than a single trigger. The debtors defaulted on payment obligations exceeding $25 million across nine financing facilities, missed project-completion milestones and debt-service-coverage covenants, and fell behind on required financial reporting. Vendors were owed more than $81 million, including roughly $1 million tied to leases the debtors considered critical to keep current. Construction projects were placed on hold as cash ran short.

One of the listed defaults involved Spectris Energy sp. z o.o., the non-debtor Polish affiliate that had served as the debtors' operating and asset manager. Spectris entered its own insolvency proceedings in Poland, and on June 4, 2026, the debtors filed an emergency motion asking the bankruptcy court to order parties who had exercised a share pledge over Spectris to show cause why they should not be held in violation of the automatic stay, arguing the move cut off the debtors' access to Spectris's data and services. The dispute was short-lived: the parties reached a stipulation resolving the motion with prejudice within three days, on June 7, 2026, under terms preserving the debtors' access to Spectris-managed services.

The declaration also describes two failed prepetition rescue efforts. In the second half of 2025, the company ran three separate equity-raise processes, including an investment-bank-led effort to sell up to 50% of the company that was paused in the first quarter of 2026 for lack of material progress. Separately, a June 2025 process to refinance the junior and senior debt across the asset portfolio produced a preferred bidder by September 2025, but the refinancing was never completed. Brookfield, already a prepetition lender to the corporate-level credit facility, stepped in ahead of the filing with bridge financing and confirmed its willingness to fund the debtors on a standalone basis into chapter 11.

Brookfield's Insider DIP Facility

The debtors' postpetition financing runs through funds and accounts managed by Brookfield Asset Management Limited, with a Brookfield affiliate acting as administrative and collateral agent. The interim DIP order, entered June 9, 2026, and the final DIP order, entered July 6, 2026, authorize a two-tranche superpriority facility totaling $162.8 million in committed loans: a Tranche 1 facility of up to $129.8 million, combining $117.7 million of new-money delayed-draw loans with a roll-up of roughly $12.1 million in prepetition debt, and a Tranche 2 junior facility of up to $33 million in new money. Of the Tranche 1 new-money commitment, $92.9 million is discretionary and requires consent of the required DIP lenders before it can be drawn for budgeted construction or development spending.

Tranche 1 loans carry 13.00% annual interest and Tranche 2 loans carry 12.50%, both payable in kind subject to cash-pay reductions, with a 3.00% default-rate add-on. Tranche 1 also carries a 5.00% exit premium, a 5.00% original issue discount, and a 6.50% ticking fee on undrawn commitments, plus a prepayment premium structured to deliver a 1.75x multiple on invested capital; Tranche 2 carries no exit premium or OID but includes its own 1.50x MOIC prepayment premium. All DIP loans mature at the earliest of three months from closing, consummation of a qualifying sale, plan effectiveness, conversion to chapter 7, or an event of default. The carve-out protecting professional fees and a potential chapter 7 trustee is capped at $50,000 for trustee fees and $750,000 for post-trigger professional fees. The debtors retained Houlihan Lokey as investment banker beginning around June 11, 2026, and its retention application was filed July 13; Kroll Restructuring Administration LLC serves as claims, noticing, and solicitation agent.

Bid Procedures and the August Sale Timeline

On July 6, 2026, the court entered a bid procedures order approving an asset purchase agreement naming Bid Administrator, LLC and certain funds and accounts managed by Brookfield as stalking-horse buyer for substantially all of the debtors' assets, including the Polish solar portfolio, equipment, real property, and equity interests in the debtors' operating subsidiaries. The order authorizes an expense reimbursement, reported at roughly $3 million, as a superpriority administrative expense for the stalking horse, while barring any other bidder from receiving a break-up fee, topping fee, or similar payment. Competing bids are due July 27, 2026 at 5:00 p.m. Central, with an auction set for July 30 if a qualified competing bid is received, and a sale hearing scheduled for August 4.

According to reporting on the July 6 hearing, Judge Perez rejected challenges from other creditors to Brookfield's dual role as DIP lender and stalking-horse bidder before entering both the final DIP order and the bid procedures order the same day. The same report said the ruling permits Brookfield to credit bid at least $114.8 million of its debt rather than pay that portion of a bid in cash.

BeGo's Dismissal Motion, DIP Objection, and Appeal

Berenberg Alternative Assets Fund II S.A., SICAV-RAIF, together with its Berenberg Green Energy Junior Debt Fund III and Berenberg Green Energy Debt Fund IV sub-funds (the BeGo Secured Lenders), hold mezzanine notes issued by certain debtor MidCos that are structurally subordinated to the OpCo first-lien facilities but that BeGo's own filings describe as senior to Brookfield's corporate-level claims. On June 25, 2026, BeGo moved to dismiss the chapter 11 cases under section 305(a), or alternatively section 1112(b), arguing the cases lack a genuine U.S. nexus and that the DIP facility was structured by Brookfield to subordinate BeGo's claims. The motion states BeGo holds the euro equivalent of approximately $134 million in claims it characterizes as structurally senior; those figures are BeGo's own allegations, not court findings.

BeGo separately objected to entry of the final DIP order and to the stalking-horse sale process, arguing the DIP priming liens and the sale structure would strip value from its collateral before its claims could be tested. The Official Committee of Unsecured Creditors filed parallel witness and exhibit material raising similar concerns about the adequacy of protection afforded to BeGo's collateral. No order ruling on the dismissal motion had been entered as of this writing.

On July 17, 2026, BeGo filed a notice of appeal of the final DIP order, appealing the July 6 order to the district court and paying a $298 filing fee. The notice sets an appellant designation deadline of July 31, 2026, and does not itself seek a stay of the DIP order or other interim relief. No merits ruling on the appeal had been entered as of this writing.

Liquidation Plan and the GUC Trust

On July 13, 2026, the debtors filed a combined disclosure statement and plan of liquidation proposing to wind down the corporate structure following the asset sale. The plan sorts claims and interests into six classes. Priority non-tax claims and other secured claims are unimpaired, paid in full in cash or left otherwise unaffected. Funded secured claims, an impaired class entitled to vote, would receive collateral-liquidation proceeds, a cash payment, or other treatment consistent with section 1129(b); the plan does not state a specific recovery percentage for this class. General unsecured claims, also impaired and entitled to vote, would receive a pro rata share of interests in a GUC Liquidation Trust, again without a stated recovery percentage. Intercompany claims may be reinstated, converted to equity, or otherwise resolved at the debtors' election, and existing equity interests may be transferred, reinstated, or canceled.

The plan proposes releases for specified directors, officers, and professionals, with the company's founders excluded from the release, along with a third-party release, exculpation for good-faith case conduct, and a permanent injunction, subject to ballot and opt-out procedures for affected creditors. A companion motion seeks interim approval of the disclosure statement, solicitation procedures, and a combined confirmation hearing proposed for August 28, 2026, with the voting report and briefs in support of confirmation due August 26. The court continued the hearing on that companion motion from July 21 at 9:00 a.m. to July 24, 2026, at 1:00 p.m. Central time. No confirmation order, voting report, or effective-date notice has been filed to date.

Table: Key Timeline

Frequently Asked Questions

Who is buying GoldenPeaks Poland's assets? Bid Administrator, LLC and certain funds and accounts managed by Brookfield Asset Management are the stalking-horse buyer for substantially all of the debtors' assets under a court-approved asset purchase agreement. Competing bids are due July 27, 2026, with an auction on July 30 if a qualified bid is submitted and a sale hearing on August 4.

Who is the claims agent for GoldenPeaks Poland? Kroll Restructuring Administration LLC serves as the claims, noticing, and solicitation agent. The court entered a bar date order on June 30, 2026, and the debtors' notice of claims bar dates sets a general claims bar date of August 17, 2026 at 5:00 p.m. Central Time, with a November 25, 2026 deadline for governmental units.

What would unsecured creditors recover under the proposed plan? The filed plan would place general unsecured claims into a GUC Liquidation Trust and pay a pro rata share of trust interests. The plan does not specify a recovery percentage, and no vote results or confirmation order have been filed.

For coverage of other cases involving Brookfield-affiliated financing and acquisitions, see Cyxtera Technologies: Brookfield Buys Data Centers for $775M. For another renewable-energy sale process, see OYA Renewables: $39M Asset Sales and Liquidating Plan. For a comparable insider-financing dynamic in a smaller case, see SiFi Networks America: $4.6M Insider Credit-Bid Sale to ArcLink Fiber.