Lincoln Power seeks court approval of bid procedures for assets

By Sarah Lizee

Olympia, Wash., May 2 – Lincoln Power, LLC is seeking approval of bid procedures for its assets, according to a motion filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The company is also seeking court approval to designate one or more stalking horse bidders.

Bid protections would be capped at 3% of the purchase price under a stalking horse agreement.

The overbid amount is set at $150,000.

Guggenheim Securities, LLC is investment banker for the debtor.

Under the proposed bid procedures, the bid deadline is 4 p.m. ET on June 20, and the auction is slated for June 26.

The company said that so far it has executed confidentiality agreements with 11 prospective buyers. Indicative bids are due by May 10.

The Charlotte, N.C.-based power company owns two gas-fired power-generation facilities in Illinois. The company filed Chapter 11 bankruptcy on March 31 under case number 23-10382.

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