Settlement Empowers AES Eastern's $240M Plant Sale

Law360, Wilmington (May 30, 2012, 8:29 PM EDT) -- A Delaware judge signed off on a settlement Wednesday between bankrupt AES Eastern Energy LP and a New York utility resolving their protracted contract dispute which threatened to delay or dismantle the court-approved $240 million sale of AES' two operational power plants.

U.S. Bankruptcy Judge Kevin J. Carey had cleared the sale of the upstate New York plants to AES bondholders in April, pending approval from the Federal Energy Regulatory Commission.

New York State Electric & Gas Corp., the utility on the other side of the...
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