Goldman Sachs Asset Management in Sale of Preferred Units and Other Assets to Capstone

Cleary Gottlieb represented Goldman Sachs Asset Management (GSAM) in the redemption by Capstone Green Energy LLC (Opco), a subsidiary of Capstone Green Energy (Capstone), of preferred units in Opco owned by a GSAM subsidiary for a redemption price of $84 million.

Additionally, the GSAM subsidiary, Capstone Distributor Support Services LLC (CDSS), agreed to sell and transfer to Opco, and Opco agreed to purchase, accept, and assume certain assets and liabilities of CDSS related to Capstone for a purchase price of $1 million. The transactions, which were cross-conditioned on Capstone’s recapitalization by certain existing and new investors, were announced on March 30, 2026, and closed on March 31, 2026.

Cleary represented GSAM in the Chapter 11 restructuring of Capstone, including its acquisition of CDSS from Capstone in 2023. Since that time, Cleary has also represented GSAM in its capacity as the indirect holder of certain notes issued by Capstone.

For more information, please see the press release.