ExGen Handley station auction canceled, cash collateral use approved

By Caroline Salls

Pittsburgh, Dec. 18 – ExGen Texas Power, LLC canceled a Dec. 18 auction and will seek approval of the $60 million sale of its assets to stalking horse bidder Exelon Generating Co., LLC, according to a notice filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, ExGen Texas filed bankruptcy to implement an asset purchase agreement under which Exelon will acquire ExGen Texas’ Handley Generating Station.

No other qualified bids were received by the bid deadline, the notice said.

The sale hearing is scheduled for Jan. 5.

ExGen also received final court approval to use the cash collateral of its pre-bankruptcy secured parties.

The cash collateral use, which will be applied toward funding of the company’s operations while in bankruptcy, will terminate on May 15.

ExGen is the owner of a portfolio of combined-cycle and natural gas-fired peaking and steam turbine generators in Texas. The company is owned by Exelon Generation Co. ExGen filed for bankruptcy on Nov. 7 under Chapter 11 case number 17-12377.

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