Lincoln Power names Middle River units winning bidders for assets

By Sarah Lizee

Olympia, Wash., June 30 – Lincoln Power, LLC named Middle River Power VI LLC and Middle River Power VII LLC the winning bidders for its assets, according to a notice filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

The bid contemplates a purchase price of $26.25 million.

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.

Approval of the sale will be considered at the company’s plan confirmation hearing, which is scheduled for July 26.

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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