Brookfield Cleared to Keep Control of Altera After Bankruptcy

Altera Infrastructure on Friday won court approval of its bankruptcy plan, which allows Brookfield Asset Management to retain ownership of the company by swapping debt for equity.

• US Bankruptcy Judge Marvin Isgur in a hearing said he would sign off on the plan pending creditor review of some last-minute additions to the underlying documents
• Brookfield will swap some $800 million of debt -- including the offshore energy services provider’s bankruptcy loan -- for stock in the company, allowing it to keep about an 87% stake, a lawyer for Altera said in the hearing
  • Unsecured bondholders will get about 13% of ...