Optim Energy announces $126 million prevailing bid for plant assets

By Caroline Salls

Pittsburgh, Aug. 5 – Optim Energy, LLC named Major Oak Power, LLC as the winning bidder for the assets of Optim Energy Twin Oaks, LP, with a $126 million bid, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

Twin Oaks Power, LLC was named the back-up bidder, with a final offer of $121.5 million.

Optim Energy Twin Oaks owns an electric generating plant known as Twin Oaks Power Station in Robertson County, Texas.

As previously reported, Twin Oaks Power was approved as the stalking horse bidder last month, with an $82 million lead bid. Major Oak had previously submitted the initial stalking horse bid in the amount of $60 million.

Under the court approved bid procedures, Twin Oaks will be reimbursed for sale-related expenses up to $400,000 and receive a break-up fee of $2.46 million since it was not the prevailing bidder.

The sale hearing is scheduled for Thursday.

Optim, a Silver Spring, Md.-based power plant owner, filed bankruptcy on Feb. 12. The Chapter 11 case number is 14-10262.

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