Former Footprint gets approval of bid procedures, June 14 auction

By Sarah Lizee

Olympia, Wash., April 20 – Salem Harbor Power Development LP, formerly Footprint Power Salem Harbor Development LP, secured court approval of the bid procedures for its assets, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the company filed Chapter 11 to implement a dual-track plan that provides for either a stand-alone restructuring or a sale transaction.

The company said the bid procedures establish a process to identify if there is any potential sale transaction that will provide more value than what is contemplated under the stand-alone restructuring transaction.

Under the bid procedures, the company has until 5 p.m. ET on June 3 to file a stalking horse motion, bids are due by 5 p.m. ET on June 10, and an auction will take place on June 14.

The minimum overbid increment has been set at $1 million.

Prior to the company’s petition date, the company began a marketing process for the assets. As of March 31, the company has entered into about 31 confidentiality agreements with potentially interested parties. The company said it will soon advise interested parties that they have until April 12 to submit non-binding indications of interest.

The Salem, Mass.-based power plant operator filed bankruptcy on March 23 under Chapter 11 case number 22-10239.

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