Power plant owner defends Ch. 11 plans against challenges

By Vince Sullivan (May 31, 2022, 8:25 p.m. EDT) – The owner of a bankrupt power plant in Texas defended his Chapter 11 intentions in Delaware bankruptcy court on Tuesday, saying his access to cash from the lender is essential to his case, which is not managed for the benefit of shareholders.

During a virtual hearing, Ector County Energy Center LLC attorney John J. Monaghan of Holland & Knight LLP said Ector has an offer in hand for its power plant that would provide collections to junior creditors. despite the primary lenders, whose cash collateral is used to fund the deal, only receiving around 22% of collections based on…

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