AES Settlement Paves Way For $240M Sale Of NY Power Plants

Law360, Wilmington (March 2, 2012, 8:19 PM EST) -- Bankrupt AES Eastern Energy LP won court approval Friday for a settlement that paves the way for bondholders to buy the company’s 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., in an auction slated for March 12. U.S. Bankruptcy Judge Kevin J. Carey signed off on the settlement at a court hearing in Delaware, along with bid procedures for...
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