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Magnolia Bids Adieu To Chapter 11 Status

Law360 (March 23, 2007, 12:00 AM EDT) -- Mississippi-based power wholesaler Magnolia Energy LP officially blossomed out of bankruptcy on Friday, having found a way to refinance its $427 million debt.

Judge Mary F. Walrath of the bankruptcy court in Delaware served the court’s notice of dismissal to Magnolia on Friday, saying Magnolia had fulfilled the conditions that would allow it to end its Chapter 11 case.

Magnolia operates a 900 megawatt, natural gas-fired power plant in Ashland, Miss., that began generating and selling wholesale electric power in August 2003 and now generates most...
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