SSG Capital Advisors served as the investment banker to Burgess BioPower and Berlin Station in the sale of its debt to Keyframe Capital Partners. Keyframe subsequently served as the plan sponsor in the company’s Chapter 11 plan of reorganization in the U.S. Bankruptcy Court for the District of Delaware. The debt sale closed in December 2024, and the plan went into effect in April 2026.
Despite success, the company faced unfavorable legislation in 2023 that required the payment of a contingent liability pursuant to the company’s legacy power purchase agreement with Eversource Energy. To preserve cash flow and restructure its balance sheet, the company elected to terminate the agreement and file for relief under Chapter 11 of the United States Bankruptcy Code in February 2024.
SSG was retained prior to the filing to explore strategic alternatives, including a sale or restructuring of the business. SSG conducted a sale process and targeted a broad universe of potential strategic and financial acquirers. Following several months of marketing the assets, Keyframe purchased the debt of certain senior lenders in December 2024 and emerged as the plan sponsor for the company. The plan was unanimously accepted by all voting classes, and the company reached settlements with several counterparties, including Eversource Energy, the pre-petition lenders, the plant’s owner/manager and the city of Berlin, New Hampshire. The company’s restructuring plan became effective in April 2026, following confirmation in June 2025.
Other professionals who worked on the transaction include:
- Kenneth S. Leonetti, Alison D. Bauer, Carol J. Holahan, Jiun-Wen Bob Teoh and Sarah Moore of Foley Hoag LLP, counsel to the company
- Dean R. Vomero of Applied Business Strategy, chief restructuring officer of the company
- Drew McManigle of MACCO Restructuring Group, independent director to the company
- Robert K. Malone, Katharina Earle and Kyle P. McEvilly of Connell Foley (formerly with Gibbons P.C., now FBT Gibbons) counsel to the company
- Julia Frost-Davies, Oscar N. Pinkas, and Leo Muchnik of Greenberg Traurig, counsel to the secured lenders
- Christopher Post and RJ Arsenault of FTI Consulting financial advisor to the secured lenders
- James H. Millar and Kyle R. Kistinger of Faegre Drinker Biddle & Reath, counsel to Keyframe Capital Partners
