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Creditor Reports Retail Suppliers Conducted 8-Month Sales Process Which Creditor Says Yielded Only One "Viable" Purchaser
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An 8-month process to identify potential purchasers of, or investors in, the businesses of NEP Holdings Inc., Northeastern Power and Gas, LLC, and Maven Energy, LLC (collectively, the "Debtors") yielded, "only one viable purchaser," creditor Axpo U.S. LLC said in a filing in the Debtors' bankruptcy proceeding
Axpo is the largest creditor of the Debtors, holding a claim in
excess of $6.5 million which Axpo said is secured by substantially all of the Debtors’ assets
"Axpo has been, and remains, supportive of the Debtors’ continued operations, and has worked
closely with the Debtors to provide interim use of its Cash Collateral in accordance with the terms
of a consensual budget," Axpo said
However, "Axpo is concerned
that, given anticipated higher energy demands and the risk of high prices during the coming winter
months, coupled with the Debtors’ extremely thin capitalization reflected in the Interim Budget,
the Debtors’ cash flow will be insufficient to maintain operations over the longer term. It is
therefore imperative that the Debtors commit to move with all deliberate speed immediately to
achieve a definitive resolution of these cases."
"Axpo believes that the most expeditious route to that
resolution is a sale to the only prospective purchaser on an expedited basis," Axpo said
Axpo reported that, "Axpo understands that, since at least February 2026, the Debtors have sought to
identify potential purchasers of, or investors in, their businesses through a coordinated marketing
campaign."
Axpo said that, "Importantly, that eight-month process has yielded only one viable purchaser."
"Axpo
therefore submits that the only viable path to the Debtors’ successful emergence from bankruptcy
is to move forward with that purchaser without further delay, and Axpo stands ready to work with
the Debtors to facilitate that process," Axpo said
Axpo said that Axpo remains willing to consent to the Debtors’ continued use of Debtors’ Cash Collateral
for a further limited interim period; provided, however, that such consent is expressly conditioned
upon, among other things, the Debtors', "demonstrable commitment to progress expeditiously towards a
meaningful resolution of these cases through a recapitalization or a sale process."
Axpo in a Sept. 11 filing had alleged, "Axpo believes there is a significant risk
that the Debtors could be in a cash-negative position as early as next week [i.e. week of Sept. 13]."
As of publication time, there has been no substantive filing in the case publicly available since Axpo's Sept. 11 filing (aside from allowing joint administration of the 3 cases)
Case No.: 26-11988
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Creditor Seeks Expeditious Recapitalization Or Sale Process For Bankrupt Retail Suppliers
September 18, 2026
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Copyright 2026 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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