Bankrupt Longview Power Fights To Tap $59M Credit Line

Law360, Wilmington (October 18, 2013, 9:06 PM ET) -- Longview Power LLC urged a Delaware bankruptcy judge Friday to overrule opposition from contractors and let it draw on $59 million in disputed letters of credit so it can finance repairs at its troubled $2 billion coal plant.

Longview claims it has an “absolute right” to draw on the letters of credit and contractors have no grounds to block access to those funds, which the company needs to achieve its twin aims of fixing the plant and restructuring its balance sheet.

Proceeds from the letters of...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers

Required