AES To Sell Power Plants To Bondholders For $300M

Law360, New York (January 4, 2012, 8:49 PM EST) -- Bankrupt AES Eastern Energy LP has secured a deal to sell its two operating power plants in upstate New York to bondholders for $300 million, an attorney for the company said in court Wednesday.

The Ithaca, N.Y-based company, a unit of AES Corp., and a dozen affiliates filed for court protection in Delaware on Friday. It blamed the falling the price of electricity — spurred by cheap natural gas — for losses that have left it unable to maintain operations at its coal-fired power plants in...
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