The Cash Ran Out Within Weeks
GoldenPeaks Capital amassed $1.6 billion in debt from various financial institutions, among them Brookfield Asset Management and NordLB, to fund solar project construction in Poland and Hungary.
In May 2026, when GoldenPeaks initiated Chapter 11 proceedings in the US, the filing entities possessed a mere $1.1 million. The firm's financial and restructuring advisor said, "The cash reserves evaporated within a matter of weeks."
Among the creditors are Brookfield with around $280 million, and a group of funds managed by Joh. Berenberg, Gossler & Co. KG contributing roughly $130 million. NordLB lent €109 million in 2024. These lenders are currently investigating how funds moved in and out of GoldenPeaks, and are scrutinizing the company's ties to Spectris.
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The In-House Contractor That Did the Real Work
In its official filings, GoldenPeaks named China National Building Materials Group, a global construction giant, as the firm responsible for engineering, procurement, and construction (EPC). However, court documents and sources indicate that Spectris Energy, a fully owned Polish unit of GoldenPeaks, performed the majority of the actual work. According to those sources, several of GoldenPeaks' biggest creditors were unaware that the subsidiary was handling the work.
Starting in 2022, Spectris started providing loans to its parent company. On July 13, the Polish daily Gazeta Wyborcza disclosed the €100 million loan figure.
Earlier this year, Spectris entered a type of insolvency proceeding in Poland. Currently, a Polish court is weighing whether to nullify the loans made to GoldenPeaks. The court-appointed restructuring supervisor contends that the lending harmed Spectris' creditors and that the loans kept flowing even after Spectris had begun its own restructuring process.
What the Investigation Means for Creditors and Investors
According to court documents, US authorities selected Spectris to sit on a six-person committee that stands for unsecured creditors in the GoldenPeaks bankruptcy case. Such a role generally affords a creditor greater sway in the proceedings, as these committees are empowered to examine the financial dealings of a bankrupt entity.
The interplay between the US bankruptcy case and the Polish restructuring adds complexity. If the Polish court voids the loans, those funds could potentially be recovered for Spectris' creditors, which might include some of the same lenders pursuing GoldenPeaks. The creditors' committee in the US is expected to scrutinize these cross-border transactions closely. The outcome of the Polish court's decision on the loans could significantly affect how assets are distributed in the US case, as recovered funds may flow back to Spectris' creditors, who overlap with GoldenPeaks' lenders.
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