OYA Renewables: $39M Asset Sales and Liquidating Plan
ElevenFlo Research
June 14, 202615 min readUpdated September 8, 2026
OYA Renewables Development LLC and seven affiliated Delaware entities filed chapter 11 petitions in the U.S. Bankruptcy Court for the District of Delaware on November 6, 2024, with the lead case docketed as 24-12574. The community-solar developer entered bankruptcy with a stalking-horse purchase agreement and a debtor-in-possession loan already in hand, both supplied by Radial Power LLC, after an out-of-court sale process that contacted 73 potential buyers failed to produce a deal. The filing converted that stalled marketing effort into a court-supervised section 363 auction backstopped by the debtors' secured lenders.
The case followed a compressed path from a multi-track auction to a fully consensual liquidating plan. Over roughly five and a half months, the debtors sold their project portfolio in lots to four purchasers, reached a global settlement with the official committee of unsecured creditors and their largest secured lender, and confirmed a joint chapter 11 plan of liquidation that routes general unsecured recoveries through a liquidation trust. The court confirmed the plan on April 21, 2025, and it went effective on April 24, 2025.
OYA Renewables Development LLC (8 jointly administered entities)
Court
U.S. Bankruptcy Court, District of Delaware
Case Number
24-12574
Petition Date
November 6, 2024
Plan Type
Joint Chapter 11 Plan of Liquidation
Confirmation Date
April 21, 2025
Effective Date
April 24, 2025
DIP Facility
$6 million from stalking-horse bidder Radial Power LLC (roughly $3 million interim draw)
Liquidation Trustee
Advisory Trust Group LLC
Claims Agent
Kroll Restructuring Administration LLC
Case Snapshot
Community Solar Model and Path to chapter 11
OYA Renewables develops solar projects in North America, with a portfolio weighted toward community solar and a smaller utility-scale component. The First Day Declaration describes a community-solar model built on freestanding projects whose generation is allocated to subscribers — households, businesses, and other customers — who receive bill credits through virtual net metering. The debtors marketed the development pipeline as a saleable asset after out-of-court recapitalization efforts failed to close.
The debtors had scaled back from a previously vertically integrated platform to focus on site origination and project development. As of the petition date, the eight debtor entities had no direct employees; services were provided by former parent-company employees acting as independent contractors under a non-debtor parent, a staffing posture the First Day Declaration confirms shaped how the estates were administered through the sale and wind-down.
Ankura Consulting's John Shepherd, a senior managing director in the firm's turnaround and restructuring group with more than 30 years in energy private equity and corporate finance, served as chief restructuring officer. Eric Millard was appointed as an independent manager and filed a separate declaration in support of the bidding procedures. Sidley Austin LLP served as lead restructuring counsel, with Young Conaway Stargatt & Taylor as Delaware counsel and Kroll Restructuring Administration as claims and noticing agent.
Cash Drain, Project Delays, and Lender Defaults
The First Day Declaration attributes the filing to a continuing cash drain, delays in completing certain solar projects, and hurdles to consummating sale transactions. By early 2024, liquidity was described as more strained than ever. Project-development delays, combined with discovered errors in the cash and developmental modeling for the projects, produced defaults under the prepetition GDEV and Carval facilities and heightened tensions with the secured lenders and Greenbacker Renewable Energy Corporation.
Out-of-court remediation efforts ran for more than two years without success. The non-debtor parent retained BMO Capital Markets and Piper Sandler in August 2022 to raise capital through a process that ran into September 2023 but did not close. In February 2024, the parent engaged Agentis Capital Advisors and SenaHill Partners to run a sale process that contacted 73 potential buyers, the marketing effort that ultimately yielded the Radial Power stalking-horse agreement rather than a refinancing. Agentis Capital served as sell-side advisor through the chapter 11 process.
Prepetition litigation added pressure during the same window. The First Day Declaration catalogs an arbitration brought by the former chief executive of acquired entity Omni Navitas Holdings asserting earn-out claims tied to project-development milestones, since dismissed without prejudice to refiling; a January 2023 former-employee suit alleging misrepresentations about financial controls and retaliation; and an August 2024 former-employee action alleging constructive dismissal. The filing entered a broader 2024 solar-sector restructuring wave that law-firm analysts tied to high interest rates, regulatory changes, and section 363 sales as the primary value-maximization mechanism for distressed developers.
The capital structure layered five instruments held by four distinct lender groups:
Facility
Lender / Agent
Outstanding
Notes
GDEV Credit Facility
GDEV OYA Lender I, LLC (agent)
~$36 million
Originally $15 million; amended up to ~$36 million aggregate
Carval Credit Facility
CVI CEF Master Fund I LP (agent)
~$21 million
Equipment Supply Loan Financing Agreement dated November 2, 2022, as amended
Carval Protective Advance
Prepetition Carval Secured Lenders
$825,000
Added via amendment November 1, 2024
CNB Credit Facility
City National Bank
~$23 million
Loan Agreement dated September 18, 2022, as amended
GREC Protective Advances
Greenbacker Renewable Energy Corporation
~$7.1 million
Three tranches: $2.5M (7/24/2024), $2.5M (8/26/2024), $2.1M (10/11/2024)
Lender hierarchy and intercreditor friction. The GDEV facility, agented by GDEV OYA Lender I, LLC, was the largest and most active instrument; Greenbacker advanced its $7.1 million through three protective-advance amendments to the GDEV credit agreement in the months immediately preceding the filing, per the First Day Declaration. City National Bank's roughly $23 million facility sat outside the GDEV/Carval cash-collateral arrangement, and CNB's separate position later surfaced as the principal contested issue in the financing dispute.
Radial Power DIP and CNB Cash Collateral Objection
The debtors secured a debtor-in-possession facility from stalking-horse bidder Radial Power LLC with an aggregate commitment not to exceed $6 million, of which approximately $3 million was needed during the interim period, according to the DIP financing motion. A Delaware bankruptcy judge approved the $3 million interim draw shortly after the petition date.
City National Bank did not consent to the use of its cash collateral and joined an omnibus objection to the financing, reserving the right to seek additional adequate protection, as reflected in the Final DIP and Cash Collateral Order entered December 18, 2024. That final order granted adequate-protection liens and superpriority claims to the prepetition Carval and GDEV secured parties to the extent of any diminution in value, and authorized payment of certain lender fees and expenses. The DIP credit agreement milestones required the debtors to file a motion seeking approval of the DIP lender as stalking horse and the supporting bidding procedures, tying continued financing access directly to the sale timetable.
Permitted uses of DIP proceeds and cash collateral under the final order covered chapter 11 fees and expenses, carve-out obligations, continued operations including lease payments to landowners, payments to vendors, suppliers, and independent contractors, and other working-capital needs, consistent with an estate operated entirely through contractors rather than employees.
Stalking Horse Auction and Multi-Lot Asset Sales
The debtors entered chapter 11 with a stalking-horse purchase agreement under which Radial Power LLC agreed to acquire the assets of three project entities — ORECO, ORCH 2, and ORCH 3 — for approximately $30 million in cash plus contingent payments totaling $1 million and the assumption or satisfaction of designated liabilities, per the First Day Declaration. The court entered the bidding procedures order on December 10, 2024, approving the sale schedule and stalking-horse protections.
The auction broke the portfolio into separate lots that drew competing bids. The First Amended Notice of Successful Bidders, filed January 15, 2025, catalogued the results: UGE Capital LLC won the OYA Renewables Yield-1 portfolio for $23.0 million in cash, topping a $22.5 million back-up bid from GF Kestrel Solar Borrower Series 1, LLC. GDEV OYA Lender I, LLC — the prepetition GDEV agent — took the three remaining development-asset lots through a mix of cash and credit bids.
Asset Lot
Successful Bidder
Consideration
OYA Renewables Yield-1 portfolio
UGE Capital LLC
$23.0 million cash
Lot 4 (10 development subsidiaries)
GDEV OYA Lender I, LLC
$6.9M cash + $9.9M credit bid + 10¢ per WDC at NTP
Lot 5 (108 development subsidiaries)
GDEV OYA Lender I, LLC
$6.9M cash + $9.9M credit bid + 10¢ per WDC at NTP
Lot 6 (remaining development assets)
GDEV OYA Lender I, LLC
$16.0 million credit bid
The per-watt contingent components were denominated in watts direct current (WDC), payable at notice to proceed (NTP) on the underlying projects. The court entered four sale orders covering the separate transactions: the Radial Power sale order on January 23, 2025; the UGE Capital sale order on January 29, 2025; and the GF Kestrel and GDEV sale orders on February 12, 2025. Radial Power subsequently confirmed it had closed on roughly 50 megawatts of OYA solar projects through the court process in January 2025. Aggregate consideration across the sales reached approximately $39 million, and Sidley Austin reported the estates ultimately sold seven asset and developmental-equity packages to four purchasers through the competitive process.
Liquidating Plan, Global Settlement, and the GUC Trust
The GDEV sale order approved a settlement term sheet — the Global Settlement — among the debtors, the official committee of unsecured creditors, and the prepetition GDEV secured parties, attached as an exhibit to the order. That settlement, reached as the largest secured lender credit-bid for the bulk of the development assets, resolved the committee's potential challenges to the GDEV claims and produced a fully consensual chapter 11 plan.
The joint chapter 11 plan of liquidation, filed February 20, 2025 and revised March 11, establishes a liquidation trust on the effective date for the benefit of holders of allowed general unsecured claims. According to the plan supplement, the trust is seeded with $400,000 in liquidation trust cash (or less, if the estates hold less at the time of transfer), the GDEV contribution of claims and causes of action against non-debtor third parties relating to the GDEV secured obligations, chapter 5 avoidance actions and claims against former directors, officers, and insiders, and applicable intercompany interests. Advisory Trust Group LLC serves as liquidation trustee at compensation of $7,500 per month for the first six months and $5,000 per month thereafter, plus 5% of total recoveries from retained causes of action.
Class structure and treatment. The plan sorts claims and interests into seven classes, with only two impaired classes entitled to vote:
Class
Claim Type
Status
Treatment
1
Other Secured Claims
Unimpaired
Payment in full in cash or other unimpairing treatment
2
Other Priority Claims
Unimpaired
Payment in full in cash or other unimpairing treatment
3
GDEV Loan Facility Claims
Impaired
Pro rata share of net sale proceeds after higher-priority claims
4
General Unsecured Claims
Impaired
Pro rata share of liquidation trust interests
5
Intercompany Claims
Impaired
Cancelled; no distribution
6
Intercompany Interests
Impaired
Cancelled; no distribution
7
Existing Equity Interests
Impaired
Cancelled; no distribution
Administrative claims, professional fee claims, DIP claims, priority tax claims, and U.S. Trustee fees are paid in full unless the holder consents to alternative treatment, and executory contracts and unexpired leases not previously assumed or pending for assumption are rejected on the effective date, per the revised plan. Classes 3 and 4 — the GDEV loan and general unsecured classes — were the only voting classes, and both voted to accept the plan, while Classes 5 through 7 were cancelled without a distribution.
Confirmation and effectiveness. The court confirmed the liquidating plan on April 21, 2025 following the asset sales, with the plan supported by the company's creditors. The plan went effective on April 24, 2025, as reflected in the notice of effective date. Sidley Austin confirmed the plan became effective on a fully consensual basis with the global settlement establishing the liquidation trust. The administrative claims and rejection-damages bar date was set for May 27, 2025, and the professional fee claims bar date for June 9, 2025.
Claims Objections and Professional Retentions
Claims administration generated contested activity in the months around confirmation. The debtors filed a second omnibus, substantive objection to claims on April 4, 2025, lodged in sealed and redacted form, with orders entered in early May 2025 alongside a first omnibus, non-substantive objection. Two creditors filed responses: LaBella Associates opposed the substantive objection in an April 25, 2025 response on the docket, and Erik Genot responded to the objection to his claim shortly before the confirmation hearing. The earlier financing dispute had already been resolved when City National Bank joined an omnibus objection to the DIP and cash-collateral motion before the final DIP and cash collateral order was entered, with the prepetition Carval secured lenders filing a joinder in support of the financing.
The debtors' professionals filed final fee applications on May 1, 2025. Sidley Austin served as lead counsel and Young Conaway Stargatt & Taylor as Delaware counsel, with Quinn & Associates and Kroll Restructuring Administration also seeking final compensation, according to Sidley's account of the confirmed and effective cases. Fox Rothschild LLP served as counsel to the official committee of unsecured creditors; Brinkman Law Group was also listed among case professionals at confirmation. The professional fee claims bar date was set for June 9, 2025, after the May 27, 2025 administrative claims and rejection-damages deadline.
Key Timeline
Date
Event
November 6, 2024
Voluntary petitions filed; lead case 24-12574 (D. Del.)
November 8, 2024
Interim cash collateral order entered
December 10, 2024
Bidding procedures order entered; independent manager declaration filed
December 18, 2024
Final DIP and cash collateral order entered
January 6, 2025
Notice of successful bidder for the stalking-horse assets
January 15, 2025
First Amended Notice of Successful Bidders filed
January 23, 2025
Radial Power sale order entered
January 29, 2025
UGE Capital sale order entered
February 12, 2025
GF Kestrel and GDEV sale orders entered; Global Settlement approved
February 20, 2025
Joint plan of liquidation and disclosure statement filed
March 11, 2025
Revised joint plan and further revised disclosure statement filed
April 4, 2025
Plan supplement and second omnibus claims objection filed
Administrative claims and rejection-damages bar date
June 9, 2025
Professional fee claims bar date
Frequently Asked Questions
Who is the claims agent for OYA Renewables?
Kroll Restructuring Administration LLC serves as the claims and noticing agent. Kroll maintained the claims register for the eight jointly administered OYA entities; the administrative claims and rejection-damages bar date was set for May 27, 2025, and the professional fee claims bar date for June 9, 2025.
What happened to OYA Renewables' solar assets?
The assets were sold through a court-supervised section 363 auction. UGE Capital LLC acquired the Yield-1 portfolio for $23.0 million in cash, prepetition GDEV agent GDEV OYA Lender I, LLC took three development-asset lots through cash and credit bids, and stalking-horse bidder Radial Power LLC closed on its designated project entities. Aggregate consideration reached approximately $39 million.
Did equity holders recover anything?
No. Under the confirmed plan of liquidation, existing equity interests (Class 7), along with intercompany claims and interests (Classes 5 and 6), were cancelled and received no distribution. General unsecured creditors recover through liquidation trust interests funded by $400,000 in cash plus retained causes of action.
This article was researched and written with AI assistance, using court filings, public records, and news sources. AI-generated content can contain errors. Verify all information against primary sources before relying on it. This is not legal or financial advice. Read our full disclaimer.
