Optim Taps Blackstone Unit As $126M Buyer For Coal Plant

By Jamie Santo (August 5, 2014, 6:36 PM EDT) -- Bankrupt power plant operator Optim Energy LLC on Tuesday announced a $126 million deal to sell its coal-fired generation plant to a unit of Blackstone Group LP, which prevailed at an auction that added more than $40 million to the sticker price.

Optim selected Blackstone vehicle Major Oak Power LLC as the winning bidder at Monday's auction after determining its $126 million offer was "highest and best," according to a notice filed in Delaware bankruptcy court. Twin Oaks Power LLC, which served as an $82 million stalking horse, was named backup bidder with a final offer of $121.5 million, the notice said....

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