AES Eastern Energy receives second 90-day plan exclusivity extension

By Jim Witters

Wilmington, Del., Aug. 6 - AES Eastern Energy, LP received approval for a second 90-day extension of its exclusive periods for filing a Chapter 11 plan and for soliciting plan acceptances, according to documents filed Aug. 6 with the U.S. Bankruptcy Court for the District of Delaware.

The approval extends the exclusive period for filing a Chapter 11 plan to Oct. 25 from July 27, and the exclusive period for seeking plan to Dec. 24 from Sept. 25.

As previously reported, the debtors and their financial adviser, Barclays, have marketed the residual assets and executed confidentiality agreements with 25 potential purchasers. Several proposals were received and analyzed for various sale transactions, ranging from the sale of a portion of the residual assets to the sale of all of the debtors' residual assets and the assumption of associated liabilities.

Negotiations with interested purchasers are ongoing, according to court documents.

AES Eastern Energy, which operates more than 1,000 megawatts of capacity at four facilities in New York, filed for bankruptcy on Jan. 3, 2011. Its Chapter 11 case number is 11-14138.

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