Creditor Reports Retail Suppliers Conducted 8-Month Sales Process Which Creditor Says Yielded Only One "Viable" Purchaser

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