Brookfield Must Hand Over Files in Solar Bankruptcy Case

A Solar Empire That Ran Out of Sun

Over the course of several years, GoldenPeaks acquired energy assets throughout Poland and Hungary. Court filings describe GoldenPeaks as Poland's largest owner of utility-scale solar assets and, in the company's own telling, one of the biggest solar developers in central and eastern Europe.

But all that expansion came with a heavy price tag. GoldenPeaks owed lenders almost $1 billion, and in May 2026, the company filed for bankruptcy.

A Debt-for-Ownership Proposal

Brookfield is not bidding cash for GoldenPeaks. Rather, the asset manager wants to exchange the debt it is owed for ownership of the company's solar operations. In practice, this kind of debt-for-equity restructuring leaves little or nothing for shareholders and unsecured creditors unless a court determines the process was unfair. That is why the creditors' committee is pressing for more information before the sale moves forward.

The proposed transaction would effectively transfer control of GoldenPeaks' solar portfolio from the existing owners to Brookfield. If approved, the swap would cancel the money GoldenPeaks owes Brookfield and give the asset manager a direct ownership stake in the generation assets. The unsecured creditors are not parties to that swap, so they are asking the court to allow them to see how the valuation was reached.

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The Creditors Want to See Inside

The problem? The official committee of unsecured creditors is not ready to agree. It wants details about Brookfield's bid before deciding whether to object to the proposed sale.

Victoria Bruno, a lawyer for the committee, argued in court that the committee cannot evaluate its options fairly without reviewing Brookfield's internal records. "The committee should not be forced to wait," she said.

Evan Fleck, Brookfield's lawyer, told the judge at Friday's hearing that Brookfield had already sat down with the committee to work through their differences and would share sale-related information promptly.

Why the Committee Is Fighting

The committee speaks for unsecured creditors, and those creditors stand to receive nothing if Brookfield gains control through the debt swap. Its request for internal communications suggests it wants to know whether the proposed transaction gives unsecured creditors a fair chance to recover anything from the bankruptcy estate.

The committee has not yet taken a formal position on Brookfield's plan. It wants to see how the debt-for-ownership proposal was assembled, including how the value of GoldenPeaks' solar operations was assessed.

The Clock Is Now Ticking

Here is how the next few days shake out.

Brookfield has pushed for an expedited sale. Under the judge's order, Brookfield must produce the records by Sunday. A hearing on the proposed sale is scheduled for Tuesday.

The case is docketed as GoldenPeaks Poland Holding Limited, Case No. 26-90564, in the U.S. Bankruptcy Court for the Southern District of Texas (Houston).

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