EBG Wins OK For $1.1B Asset Sale To Constellation

Law360, New York (November 24, 2010, 7:48 PM EST) -- A judge has approved the $1.1 billion sale of bankrupt EBG Holdings LLC's power plants and other assets to Constellation Energy Group Inc., arguing that the debtor is running short on time and cash and that a competing restructuring bid submitted by MatlinPatterson Global Advisers LLC does not appear to be a viable alternative.

Judge Shelley C. Chapman read her decision into the record during a hearing Nov. 24 in the U.S. Bankruptcy Court for the Southern District of New York following several days of testimony...
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