AES Slams Creditor Gripes Over $240M Sale Of Power Plants

Law360, New York (March 1, 2012, 12:53 PM EST) -- AES Eastern Energy LP fought back in Delaware bankruptcy court Wednesday against what it called reckless objections by unsecured creditors to a proposed sale of its two operating power plants in upstate New York for more than $240 million.

The Ithaca, N.Y-based company, a unit of AES Corp., is seeking to unload its coal-fired power plants in Somerset and Cayuga, N.Y., to stalking-horse bondholders in an auction March 12. The company said it was unable to maintain operations at the plants, which it acquired in 1998...
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