Mirant obtains approval of bidding procedures, stalking horse bidder for turbine sale

By Caroline Salls

Pittsburgh, June 2 - Mirant Corp. obtained approval of the bidding procedures and its choice of Mitsubishi Power Systems Inc. as stalking horse bidder for its $23 million sale of two combustion turbine generators and one steam turbine generator, according to a Thursday filing with the U.S. Bankruptcy Court for the Northern District of Texas.

The two combustion turbine generators are located in Wyandotte, Mich., and the steam turbine generator in Nagasaki, Japan.

If Mitsubishi is not the high bidder for the generators, it will receive a $450,000 expense reimbursement and $690,000 topping fee.

Mitsubishi has paid a $690,000 deposit.

The minimum bid for any bidder other than Mitsubishi is $24.15 million, and each bid must be $100,000 more than the previous bid.

Bids are due June 22. The auction will be held June 27 and the sale hearing on June 29.

Mirant, an Atlanta-based power company, filed for bankruptcy on July 14, 2003. Its Chapter 11 case number is 03-46590.

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