Oaktree, TPI Creditors Strike Tentative Deal Over Uptier Claims

TPI Composites Inc. said it has a “tentative framework” to resolve a creditor fight over a nearly $400 million prebankruptcy transaction that allowed Oaktree Capital Management LP to convert preferred equity into secured debt.

Oaktree, TPI, and an official committee of the wind turbine blade manufacturer’s unsecured creditors drew up the contours of a potential deal that could resolve additional costly litigation in the company’s Chapter 11 case, TPI attorney Gabriel Morgan of Weil, Gotshal & Manges LLP said at a hearing Tuesday in the US Bankruptcy Court for the Southern District of Texas. Details of the deal framework weren’t ...