Agilon Energy receives court approval of bid procedures for assets

By Sarah Lizee

Olympia, Wash., Dec. 17 – Agilon Energy Holdings II LLC received court approval of the bid procedures for its assets and a stalking horse agreement with Texas Peaker Power II, LLC, according to an order filed Friday with the U.S. Bankruptcy Court for the Southern District of Delaware.

As previously reported, the stalking horse agreement includes a purchase price of $64.1 million, plus the assumption of liabilities. It also includes a 4% breakup fee.

The offer is subject to higher or better offers.

Under the bid procedures, the bid deadline is 6 p.m. ET on Jan. 26, and an auction, if needed, will be held on Feb. 2. If no auction is held, a sale hearing will be held on Feb. 4, and if an auction is held, a sale hearing will be held on Feb. 9.

The company said the debtor-in-possession administrative agent and the official committee of unsecured creditors support the bid procedures motion.

The Houston-based energy company filed bankruptcy on June 27 under Chapter 11 case number 21-32156.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.