Bicent Holdings $9.75 million ISDA agreement claim settlement OK'd

By Lisa Kerner

Charlotte, N.C., July 30 - Bicent Holdings LLC's request for approval of a settlement that resolves claims filed by Bicent Power LLC against Barclays Bank plc in connection with two ISDA master agreements was approved, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

Other parties to the settlement are Beowulf Energy LLC, lender investment adviser GSO Capital Partners LP and lender investment adviser Strategic Value Partners, LLC.

Under the settlement, Barclays will pay $9.75 million to Bicent.

As previously reported, Barclays claimed on April 6 that Bicent owed $1.6 million in connection with its failure to make March 30 payments on interest rate swaps and a commodity swap. Barclays also demanded payment of all outstanding amounts owed.

On the May 14 early termination date, Barclays said Bicent was in default under the swap agreements. Barclays subsequently claimed that it owed a $2.56 million termination amount to Bicent, which Barclays paid.

Bicent said it informed Barclays that it did not agree with its calculation of the termination amount, and that payment of the termination amount should not be construed as the company's agreement to the accuracy of the amounts owed.

Bicent Holdings, the Lafayette, Colo.-based parent company for Bicent Power LLC, which operates electric generating facilities, filed for bankruptcy on April 23. Its Chapter 11 case number is 12-11304.

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