Judge Strikes Breakup Fee From LSP Stalking Horse Deal

Law360, New York (July 26, 2012, 5:28 PM EDT) -- A Delaware bankruptcy judge on Thursday nixed a controversial $5.5 million breakup fee power plant operator LSP Energy LP pledged to South Mississippi Electric Power Association, which swooped in earlier this month with an eleventh-hour stalking horse agreement that riled other would-be buyers.

Following a Thursday morning hearing in which rival suitors and LSP's biggest unsecured creditor questioned the legitimacy of the fee and the SMEPA deal in general, U.S. Bankruptcy Judge Judge Mary F. Walrath left SMEPA's $249 million offer intact but struck the termination...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

LSP Energy Limited Partnership


Case Number

1:12-bk-10460

Court

Delaware

Nature of Suit

Date Filed

February 10, 2012

Law Firms

Companies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.