LSP Secures $249M Stalking Horse Bid For Miss. Plant

Law360, Wilmington (July 16, 2012, 9:12 PM EDT) -- Power plant operator LSP Energy LP asked a Delaware bankruptcy court Monday to approve a $249 million stalking horse bid for its assets — primarily a Mississippi natural-gas fired generation plant — submitted by the South Mississippi Electric Power Association.

LSP filed for court protection in February to facilitate the sale of its assets after mechanical failures and resulting power outages burdened the company with $19 million in repair costs and lost revenues.

SMEPA's bid “represented, by far, the highest and best offer for the assets...
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