Jacob A. Adlerstein

A lawsuit accusing Brookfield affiliates of seizing control of solar company PosiGen and driving it deeper into insolvency has been dismissed with prejudice in Connecticut federal court, ending a closely watched dispute that preceded the company's Chapter 11 filing in Texas. In a joint stipulation filed Tuesday, plaintiff Connecticut Green Bank and defendants BID Administrator LLC, BID III PosiGen Aggregator LP, and BII BID US Holdings LLC agreed to end the case permanently, with each side bearing its own costs and attorneys' fees. The case accused the Brookfield-affiliated entities of improperly exercising control over PosiGen's finances and operations. The dismissal comes roughly three months after PosiGen PBC filed for Chapter 11 protection in the Southern District of Texas, estimating it held between $100 million and $500 million in both assets and liabilities and listing between 10,000 and 25,000 creditors. Connecticut Green Bank sued in October 2025, alleging that Brookfield had taken over key business decisions at PosiGen and pushed the company into breaching the bank's loan agreements. The complaint asserted that Brookfield chose which business segments would continue to operate, how funding would be allocated, and which employees would be terminated, while prioritizing business lines in which it had a financial stake. PosiGen and the Brookfield-affiliated defendants pushed back, arguing in opposition to a temporary restraining order that the bank was unlikely to establish damages and that the company had been in "dire financial straits." They said Brookfield, as PosiGen's largest creditor, had provided financing that enabled the company to continue operating as it pursued restructuring options or a potential wind-down. The joint stipulation filed Tuesday contains no admission of liability and offers no details regarding any settlement terms. It states only that the action "is dismissed with prejudice with each party to bear its own costs and attorneys' fees," and that the stipulation is effective upon filing. The dismissal narrows the litigation landscape surrounding PosiGen, which has also faced a proposed class action in the District of Delaware alleging violations of the federal Worker Adjustment and Retraining Notification Act in connection with the termination of approximately 500 employees at sites in Pennsylvania, Louisiana, and other states. While the Connecticut case is now closed, the Chapter 11 proceedings in Texas will continue to determine how PosiGen addresses its debt load and the claims of its thousands of creditors. Representatives for the parties did not immediately respond to requests for comment Thursday. Connecticut Green Bank is represented by Robert S. Hoff, Kate E. Cassidy, and Tamara Van Heel of Wiggin and Dana LLP. PosiGen PBC is represented by Charles R. Koster, Thomas E. Lauria, Michael C. Shepherd, Fan B. He, Aaron E. Colodny, Andrea Amulic, and Andrea Kropp of White & Case LLP. BID Administrator LLC, BID III PosiGen Aggregator LP, and BII BID US Holdings LLC are represented by Thomas J. Finn of McCarter & English LLP and Andrew J. Ehrlich, Gregory F. Laufer, and Jacob A. Adlerstein of Paul Weiss Rifkind Wharton & Garrison LLP. The suit is Connecticut Green Bank v. PosiGen PBC et al., case number 3:25-cv-01841, in the U.S. District Court for the District of Connecticut.

Feb 12

2 min

Paul, Weiss advised Brookfield Asset Management in connection with the chapter 11 cases of PosiGen, a national residential solar and energy efficiency provider. Brookfield, which held $600 million of the company’s debt, provided prepetition bridge financing and post-petition debtor-in-possession financing to PosiGen and ultimately acquired substantially all of PosiGen’s assets through a combination of a bankruptcy sale of the chapter 11 debtors’ assets and a strict foreclosure on their non-debtor affiliates’ assets. The U.S. Bankruptcy Court for the Southern District of Texas approved PosiGen’s chapter 11 plan, providing for a litigation trust in which Brookfield holds a majority of the beneficial interests. Paul, Weiss also advised Brookfield affiliates in related litigation filed by Connecticut Green Bank in Connecticut federal court prior to PosiGen’s chapter 11 filing on November 24, 2025. That case was dismissed with prejudice on February 10 following a settlement. The Paul, Weiss team includes restructuring partners Brian Hermann, Jacob Adlerstein, Brian Bolin and Michael Colarossi and counsel Douglas Keeton; corporate partners Austin Pollet, Kelann Stirling and Jeremy Veit and counsel Andrea Quek; tax partners Robert Holo and Anne McGinnis; litigation partners Gregory Laufer, Andrew Ehrlich and Nathan Mitchell and counsel Audrey Paquet and Robert Kravitz; intellectual property partner Jonathan Ashtor; executive compensation partner Lawrence Witdorchic; and real estate partner Matthew Dulak.

Feb 23

1 min

Paul, Weiss represented an ad hoc group of convertible noteholders in connection with an out-of-court recapitalization and restructuring of Maxeon Solar Technologies, Inc. Maxeon, one of the world’s leading global manufacturers and marketers of premium solar power technology, designs, manufactures and sells solar products in over 100 countries. The transactions provided Maxeon with up to $197.5 million in new capital from Maxeon’s parent company through the issuance of $97.5 million of new first lien convertible notes and an additional $100 million equity investment, pending regulatory approval. In addition, the transactions restructured $405.5 million of existing indebtedness through a two-year maturity extension of $207 million of existing first lien convertible notes and an exchange of $198.5 million of existing unsecured convertible notes (including accrued interest) for a combination of $204 million in new second lien convertible notes and warrants for 9.925% of Maxeon’s equity. The Paul, Weiss team was led by partners Robert Britton, Timothy Cruickshank and Suhan Shim, and included restructuring partner Jacob Adlerstein and counsel Douglas Keeton and Claudia Tobler; corporate counsel Lyudmila Bondarenko and Nathan Mitchell; tax partner Anne McGinnis; litigation partners John Carlin and William Clareman; and intellectual property partners John Patten and Claudine Meredith-Goujon and counsel Alex Zapalowski.

Jun 21

1 min

Paul, Weiss is advising Axient, a highly regarded provider of specialized engineering solutions, in its acquisition by Astrion, a leading provider of mission support and advanced engineering services for defense and federal agencies, and a portfolio company of Brightstar Capital Partners. The transaction will enable Axient to deliver more comprehensive, innovative solutions for its customers’ mission-critical challenges. The deal is expected to close in the third quarter of 2024, subject to customary closing conditions and regulatory approvals. The Paul, Weiss team is led by corporate partner Ted Ackerman and counsel Robert Balis, and includes partner David Tarr and counsel David Epstein; tax partner Scott Sontag; litigation partners Aidan Synnott and Gregory Laufer and counsel Audrey Paquet; executive compensation partner Rebecca Coccaro; restructuring partner Jacob Adlerstein; real estate partner Peter Fisch; intellectual property partner Claudine Meredith-Goujon; antitrust partner Marta Kelly and counsel Yuni Sobel, Todd Hahn and John Magruder; and environmental counsel William O'Brien.

Jul 24

1 min

Paul, Weiss represented Hornblower Group, a global leader in world-class experiences and transportation, in its successful emergence from chapter 11. Under the approved restructuring plan, the company’s majority ownership transitioned to funds managed by Strategic Value Partners, LLC, and its affiliates, while Crestview Partners retained a significant minority position in Hornblower. Crestview also obtained sole ownership of Journey Beyond, a stand-alone operating unit of Hornblower and the leading experiential travel provider in Australia. Hornblower emerged from bankruptcy on July 5, having reduced its total debt by approximately $720 million and substantially increased its liquidity. The Paul, Weiss team included, among others, restructuring partners Jacob Adlerstein, Paul Basta and Kyle Kimpler, and counsel Sarah Harnett; litigation partners Gregory Laufer, Andrew Ehrlich and Lewis Clayton, and counsel Robert Kravitz and Jonathan Hurwitz; tax partner Matthew Jordan and counsel Patrick Karsnitz; corporate partners Megan Spelman, David Tarr, David Huntington and Neil Goldman and counsel Lyudmila Bondarenko; intellectual property partner Claudine Meredith-Goujon; executive compensation partner Lawrence Witdorchic and counsel Lisa Krausz Eisenberg; antitrust counsel Yuni Sobel and Todd Hahn; and real estate counsel Ida Nowaid.

Sep 9

1 min