LSP Energy Auction Reopened After Stalking Horse Scuttled

Law360, Wilmington (August 3, 2012, 9:04 PM EDT) -- The Chapter 11 auction for power plant operator LSP Energy LP officially reopened Friday after a Delaware bankruptcy judge signed off an order rejecting an 11th-hour stalking horse agreement and establishing a revised sales schedule.

The order restores the level playing field upset last month by LSP's announcement of the $249 million deal with South Mississippi Electric Power Association, inked just two days before binding offers were due.

Rival bidders Quantum Utility Generation LLC and TPF II LP strenuously objected to the pact, and U.S. Bankruptcy...
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