DOE Aims To Protect Bidding Rights For Beacon Power

Law360, Wilmington (December 9, 2011, 5:01 PM EST) -- The U.S. Department of Energy objected on Thursday to Beacon Power Corp.’s bankruptcy auction plan over provisions that allegedly hamper the federal government’s right to credit bid for the smart-grid technology company’s assets.

Beacon, which owes $39 million on a DOE-backed loan, cut a deal with the agency in November allowing the company to fund operations and the sale with the government’s cash collateral.

But the deal required government approval of the bidding procedures, which violate the DOE’s “unlimited” right to credit bid under Section 363...
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