Boston Generating asset sale order appealed by Wilmington Trust

By Lisa Kerner

Charlotte, N.C., Dec. 2 - Boston Generating, LLC's asset sale approval has been appealed by second-lien administrative agent and second-lien collateral agent Wilmington Trust FSB, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The $1.1 billion sale to stalking horse bidder and successful bidder Constellation Energy was approved on Nov. 24.

As previously reported, MatlinPatterson Global Advisers LLC appealed the asset sale approval earlier in the week.

On Wednesday, Boston Generating announced a settlement agreement with Algonquin Gas Transmission, LLC.

Algonquin agreed to withdraw its objection to Boston Generating's sale to Constellation Energy in exchange for $10 million on the Jan. 3 closing date and a $10 million general unsecured claim against the debtors' estates.

Boston Generating, a Charlestown, Mass., power company, filed for bankruptcy on Aug. 18. The Chapter 11 case number is 10-14417.

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