AES Thames approved to use cash collateral despite CL&P objection

By Lisa Kerner

Charlotte, N.C., March 30 - AES Thames, LLC was granted approval to use the cash collateral of its secured lenders Connecticut Light and Power Co. (CL&P) and Komatsu Financial LP, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, CL&P had filed an objection to AES Thames' motion seeking authority to use cash collateral. CL&P did not believe AES Thames had provided sufficient information in connection with its proposed use of cash collateral or adequate protection of CL&P's interests as a secured creditor.

The final hearing on AES Thames' use of cash collateral is set for May 3.

Uncasville, Conn.-based AES Thames is a wholly owned subsidiary of the AES Corp. unit AES Connecticut Management, Inc. and operates a coal-fired power plant in Montville, Conn. It filed for bankruptcy on Feb. 1. The Chapter 11 case number is 11-10334.

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