Raser Creditor Looks To Offer Competing Ch. 11 Plan

Law360, New York (July 25, 2011, 4:34 PM EDT) -- The chief creditor of a stalled geothermal power plant in New Mexico urged a Delaware bankruptcy judge on Monday to let it introduce a Chapter 11 plan to rival debtor Raser Technologies Inc.’s own proposal and stave off foreclosure.

Evergreen-FE Lightning Dock LLC asked U.S. Bankruptcy Judge Kevin Carey to terminate Raser's exclusivity period and open the door to a competing plan for the Lightning Dock geothermal plant that it claims is vastly preferable to the debtor’s “unconfirmable” plan.

“FE-Evergreen is prepared to propose a plan...
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