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Dynegy Holdings sets bid procedures for key Roseton, Danskammer sale
By Caroline Salls
Pittsburgh, Aug. 17 - Dynegy Holdings, LLC requested court approval of the bid procedures for the proposed sale of the Roseton and Danskammer power generation facilities, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of New York.
Dynegy said the sale, which is a key component to its amended global settlement agreement, will include the operating debtors' interests and disputed interests in the facilities.
The sale will be completed through a sale of either the equity interests in some or all of the operating debtors or a sale of some or all of the assets.
The operating debtors have not selected a stalking horse bidder, the motion said.
Under the sale procedures, information on the facilities will be provided to all prospective bidders who sign a confidentiality agreement.
The auction will be held about 60 days after entry of the bid procedures order, and the sale hearing will be held at least 10 days after the auction.
All bids must include a 10% deposit toward the proposed purchase price.
Bids at auction must be at least $5 million higher than the previous bid.
According to the motion, Dynegy Danskammer and Dynegy Roseton entered into sale-and-leaseback transactions pertaining to the facilities in May 2001.
On the closing date, special purpose entities Danskammer OL LLC and Roseton OL LLC purchased the facilities from Dynegy Danskammer and Dynegy Roseton, respectively.
The purchase price of the Danskammer facility was about $300 million, and the purchase price of the Roseton facility was roughly $620 million.
Dynegy Holdings and four subsidiaries filed for bankruptcy on Nov. 7, 2011 under Chapter 11 case number 11-38111.
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