By Vince Sullivan (May 31, 2022, 8:25 p.m. EDT) — The owner of a bankrupt power plant in Texas defended his Chapter 11 intentions Tuesday in a Delaware court, saying his access to money from the lender is essential to its case, which is not the case managed for the benefit of shareholders.
During a virtual hearing, Ector County Energy Center LLC attorney John J. Monaghan of Holland & Knight LLP said Ector has an offer in hand for its power plant that would provide collections to junior creditors. despite the main lenders, whose cash collateral is being used to fund the deal, only receiving around 22% of collections based on the current offer….
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