Linklaters advises the creditors on a further financial restructuring of the Tees Renewable Energy Plant

Linklaters has advised a syndicate of banks and funds in connection with the second financial restructuring of the 299MW Tees Renewable Energy Plant, the world’s largest new build pellet biomass power plant. The power plant is located in Teesside, UK and is operated by MGT Teesside, itself controlled by Macquarie Group and Danish pension group PKA.

The first restructuring plan advised on by Linklaters in 2023 raised £80m, and this second restructuring plan facilitates the injection of up to £85m of new super senior funding.

The restructuring plan sanction judgment puts beyond doubt the requirement for expert evidence under CPR Part 35 for English Part 26A Restructuring Plans and treatment of plan meetings attended by only one plan creditor.

Linklaters’ cross-practice team consisted of partners Nick Le Masurier and Rowland Light, managing associate Tibor Korman, and associates Charlotte Spanner, Hilaire Wong and Nicola Hiestermann (Restructuring & Insolvency), with partner Ross Schloeffel, managing associate David Leeming, and associate Seneba Jama (Energy & Infrastructure) and counsel Jo Jimenez (Leveraged Finance).