On August 23, 2024, Lapis Advisers acquired substantially all assets and real estate of the former CalPlant waste rice straw to medium density fiberboard (MDF) production facility from the CalPlant Liquidating Trust. The assets acquired by Lapis include approximately 275 acres of land, over 250,000 square feet of buildings and improvements, all machinery and equipment, and other miscellaneous property. CalPlant began construction of the facility in 2017 following the issuance of $228,165,000 in tax-exempt municipal bonds, followed by subsequent tax-exempt municipal bond issuances of $73,685,000 and $42,000,000 in 2019 and 2020, respectively, to provide funding for certain cost overruns and construction delays. CalPlant commenced operations in 2020 and later filed for Chapter 11 bankruptcy protection in October 2021 after several months of operational and liquidity challenges. CalPlant formally exited from bankruptcy in October 2023 and over the pendency of its bankruptcy, CalPlant received in excess of $90 million in debtor-in-possession (DIP) financing, resulting in over $500 million of claims against the former CalPlant I LLC estate. Lapis’ acquisition provided a single, turn-key, bulk asset sale solution for CalPlant’s stakeholders. As part of the acquisition, Lapis intends to conduct an orderly sale of certain assets and repurpose the underlying real estate for its highest and best use.
Lapis Advisers Completes Acquisition of CalPlant
