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Reliant Unit Gets $468M For Power Plant

Law360 (February 25, 2008, 12:00 AM EST) -- Reliant Energy Inc. announced on Monday that it will sell its Channelview, Texas, power plant for $468 million in a deal that will help the electricity provider's four bankrupt subsidiaries emerge from Chapter 11.

Proceeds from the sale to power producer Kelson Energy LLC will go toward settling claims by secured and unsecured creditors and be put into a cash-sharing agreement, according to Reliant. The sale is still subject to approval by the U.S. Bankruptcy Court in Delaware.

The bankrupt units owe secured creditors about $379...
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