Turbine Debts Force Lehman Unit Into Ch. 15

Law360, New York (August 20, 2009, 2:16 PM EDT) -- Canadian renewable energy developer SkyPower Corp., a unit of Lehman Brothers Holdings Inc., is seeking bankruptcy protection from U.S. creditors amid debts of roughly $257 million.

Economic strain, augmented by Lehman Bros.' September 2008 bankruptcy, rendered SkyPower unable to pay back loans related to the acquisition of several wind turbines, according to a declaration filed Aug. 19 in the U.S. Bankruptcy Court for the District of Delaware.

SkyPower is seeking Chapter 15 protection as a foreign entity, saying it owes about $214 million on a roughly...
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