Argentine Energy Producer Stoneway Gets Bankruptcy Plan Approved

Stoneway Capital Corp., a bankrupt Argentine power plant owner, won court approval for a Chapter 11 plan to sell nearly all assets to MSU Energy and use $462.5 million of new notes to to repay creditors.

Senior noteholders, including Blackrock Advisors, will share from the pool of new debt, allowing them to be recover an estimated 16% to 28% of their claims.

As part of its restructuring, Stoneway will transfer to a pool $300 million in new first lien notes and $162.5 million in new second-lien notes, according to the restructuring plan approved by U.S. Bankruptcy Judge James Garrity in ...