SSG Advises Burgess BioPower in the Sale of its Debt to Keyframe Capital Partners and its Chapter 11 Plan of Reorganization

SSG Capital Advisors, LLC (“SSG”) served as the investment banker to Burgess BioPower, LLC and Berlin Station, LLC (collectively, the “Company”) in the sale of its debt to Keyframe Capital Partners LP (“Keyframe”). Keyframe subsequently served as the plan sponsor in the Company’s Chapter 11 Plan of Reorganization (the “Plan”) in the U.S. Bankruptcy Court for the District of Delaware. The debt sale closed in December 2024, and the Plan went into effect in April 2026.

The Company operates a 75-megawatt biomass-fueled power plant located on a 62-acre site in Berlin, New Hampshire. The Company delivers more than 500,000 megawatt-hours of sustainable baseload power annually. The power plant is the fourth-largest power generator in New Hampshire and the largest biomass-fueled power plant in the Northeast.

The Company realized meaningful financial and operational success throughout its history. Despite this success, the Company faced unfavorable legislation in 2023 that required the payment of a contingent liability pursuant to the Company’s legacy power purchase agreement with Eversource Energy. To preserve cash flow and restructure its balance sheet, the Company elected to terminate the agreement and file for relief under Chapter 11 of the United States Bankruptcy Code in February 2024.  

SSG was retained prior to the filing to explore strategic alternatives, including a sale or restructuring of the business. SSG conducted a comprehensive sale process and targeted a broad universe of potential strategic and financial acquirers. Following several months of marketing the assets, Keyframe purchased the debt of certain senior lenders in December 2024 and emerged as the plan sponsor for the Company. The Plan was unanimously accepted by all voting classes, and the Company reached settlements with several counterparties, including Eversource Energy, the pre-petition lenders, the plant's owner/manager, and the city of Berlin, New Hampshire. The Company’s restructuring plan became effective in April 2026, following confirmation in June 2025. SSG's extensive Chapter 11 transaction experience and ability to navigate complex situations allowed the Company to recapitalize its balance sheet and successfully emerge from bankruptcy with new ownership. 

Keyframe Capital Partners L.P. is a New York-based special situations firm. The fund targets investments in the energy and infrastructure sectors, with a specific focus on technology and regulatory changes in energy transition.  

Other professionals who worked on the transaction include:

• Kenneth S. Leonetti, Alison D. Bauer, Carol J. Holahan, Jiun-Wen Bob Teoh, and Sarah Moore of Foley Hoag LLP, counsel to the Company;
• Dean R. Vomero of Applied Business Strategy LLC, chief restructuring officer of the Company;
• Drew McManigle of MACCO Restructuring Group, LLC, independent director to the Company;
• Robert K. Malone, Katharina Earle, and Kyle P. McEvilly of Connell Foley LLP (formerly with Gibbons P.C., now FBT Gibbons) counsel to the Company;  
• Julia Frost-Davies, Oscar N. Pinkas, and Leo Muchnik of Greenberg Traurig, LLP, counsel to the secured lenders; 
• Christopher Post and RJ Arsenault of FTI Consulting, Inc., financial advisor to the secured lenders; and

James H. Millar and Kyle R. Kistinger of Faegre Drinker Biddle & Reath, LLP, counsel to Keyframe Capital Partners LP.

About SSG Capital Advisors, LLC

SSG Capital Advisors is an independent boutique investment bank that assists middle-market companies and their stakeholders in completing special situation transactions. We provide our clients with comprehensive investment banking services in the areas of mergers and acquisitions, private placements, financial restructurings, valuations, litigation, and strategic advisory. SSG has a proven track record of closing over 500 transactions in North America and Europe and is a leader in the industry.

Securities are offered through SSG Capital Advisors, LLC (Member SIPC, Member FINRA). All other transactions are effectuated through SSG Advisors, LLC, both of which are wholly owned by SSG Holdings, LLC. SSG is a registered trademark for SSG Capital Advisors, LLC and SSG Advisors, LLC.