Lincoln Power secures court approval of bid procedures for assets

By Sarah Lizee

Olympia, Wash., May 30 – Lincoln Power, LLC received approval of bid procedures for its assets, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

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

Bid protections are 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 bid procedures, the bid deadline is 4 p.m. ET on June 20, and the auction is slated for June 26.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.