Liberty Power receives third extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., March 4 – Liberty Power Holdings LLC secured a third extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Friday with the U.S. Bankruptcy Court for the Southern District of Florida.

Specifically, the court extended the plan-filing period through May 16 from Feb. 14 and the solicitation period through July 14 from April 14.

The company said in its motion that the debtors need additional time to be able to finalize the transfer of the applicable customer contracts to the purchaser of the company’s assets, NRG Energy, Inc., work on a final reconciliation of the final purchase price with the buyer and continue working toward a solution to the remaining customer contracts in Texas not being sold to the buyer.

Extending the exclusive periods will also allow the debtors to focus their attention on requests made for the allowance of Chapter 11 administrative expense claims, the result of which may have a significant impact on the terms of any proposed plan of reorganization; completing their investigation of potential claims and causes of action; an appropriate exit strategy for the Chapter 11 cases; and implementing a wind-down.

The company said it also needs more time to negotiate with prepetition and debtor-in-possession lender Boston Energy Trading and Marketing, LLC concerning the terms of a feasible plan.

Liberty Power is an electric retailer based in Fort Lauderdale, Fla. The company filed Chapter 11 bankruptcy on April 20, 2021 under case number 21-13797.

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