Judge OKs Reliant's $468M Channelview Sale

Law360, New York (March 20, 2008, 12:00 AM EDT) -- A judge gave the nod Wednesday to Reliant Energy Inc.'s proposed sale of its Channelview facility for $468 million to power producer Kelson Energy LLC, on the condition that it consider alternative bids in an open auction.

The original bidding procedures submitted March 7 to U.S. Bankruptcy Judge Mary Walrath of the District of Delaware included a $15 million breakup fee for Kelson if Reliant decided to go with another bidder. The modified version of the bidding procedures approved by Judge Walrath does not allow for...
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