Liberty Power names NRG Retail stalking horse bidder for assets

By Sarah Lizee

Olympia, Wash., Aug. 20 – Liberty Power Holdings LLC has selected NRG Retail, LLC as stalking horse bidder for substantially all of its assets, according to a motion filed Friday with the U.S. Bankruptcy Court for the Southern District of Florida.

The purchase price under the stalking horse agreement is $36.39 million. The agreement includes a $1 million breakup fee and an up to $300,000 expense reimbursement.

The company is seeking an expedited hearing on Aug. 24.

Liberty Power has also extended the bid deadline to Aug. 30 from Aug. 16.

The minimum bidding increment at the auction would be $100,000, plus the amount of any breakup fee and expense reimbursement if the company has selected a stalking horse bidder.

Liberty Power is an electric retailer based in Fort Lauderdale, Fla. The company filed Chapter 11 bankruptcy on April 20 under Chapter 11 case number 21-13797.

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