US Power Co. Unit Files Ch. 11 As Part Of $1B Sale

Law360, New York (August 18, 2010, 7:23 PM EDT) -- U.S. Power Generating Co. unit EBG Holdings LLC has filed for Chapter 11 bankruptcy in order to sell $1.1 billion worth of assets, the company said Wednesday.

EBG, represented by D.J. Baker of Latham & Watkins LLP, filed a voluntary petition in the U.S. Bankruptcy Court for the Southern District of New York. The company listed more than $1 billion each of assets and liabilities.

The bankruptcy filing is part of a previously announced deal with stalking horse bidder Constellation Energy.

Constellation will spend $1.1 billion...
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