Southaven creditor looks to offset $91.73 million of claim payment

By Caroline Salls

Pittsburgh, Feb. 8 - Southaven Power, LLC creditor NEGT Trading - Power, LP (ET Power) is asking the U.S. Bankruptcy Court for the Western District of North Carolina to allow it to set off part of a $395.51 million payment owed to Southaven against Southaven's $91.73 million secured claim against ET Power, according to a Friday court filing.

ET Power said the setoff has already been approved in its own bankruptcy case by the U.S. Bankruptcy Court for the District of Maryland.

The creditor said it will pay the balance of Southaven's general unsecured claim in cash under its confirmed plan of reorganization after the setoff is approved by the North Carolina court.

Southaven Power is an energy and transportation company based in Southaven, Miss. It filed for bankruptcy on May 20, 2005. Its Chapter 11 case number is 05-32141.

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