Lincoln Power continues auction to June 28

By Sarah Lizee

Olympia, Wash., June 26 – Lincoln Power, LLC has continued an auction for its assets to Wednesday, according to a notice filed with the U.S. Bankruptcy Court for the District of Delaware.

The auction was previously set for Monday.

As previously reported, Lincoln Power started its Chapter 11 cases with a restructuring support agreement that allows the company to pursue either a restructuring centered around a debt-to-equity swap or a sale of its assets.

Later, the company decided that an asset sale is the best available method for maximizing the value.

The debtors, with the assistance of Guggenheim Securities, LLC, continued to market the debtors’ assets to potential buyers through the June 20 bid deadline.

The Charlotte, N.C.-based power company owns two gas-fired power-generation facilities in Illinois. The company filed Chapter 11 bankruptcy on March 31 under case number 23-10382.

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