Judge OK's Mirant-Pepco Settlement

Law360, New York (August 11, 2006, 12:00 AM EDT) -- Waving off criticism by some bondholders, a bankruptcy judge has signed off on Mirant Corp.’s $520 million settlement with Pepco Holdings Inc. to resolve certain contract disputes.

U.S. Bankruptcy Judge D. Michael Lynn greenlighted the deal Wednesday despite opposition from some bondholders who acquired a majority stake in the Atlanta, Ga.-based power producer when it emerged from Chapter 11 in January.

Mirant said in May that it intended to offer Washington, D.C.-based Pepco cash and stock to settle various quarrels and to disentangle the company from...
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