Register, or Login to view the article
Firstenergy Solutions filed with the U.S. Bankruptcy Court a motion to sell property and authorizing the assumption of the asset purchase agreement for the sale of the Bay Shore facilities and related assets; authorizing the sale of certain assets of the Debtors free and clear of all liens, claims and interests, other than permitted liens pursuant to the asset purchase agreement; and approving the purchase price allocation agreement among the sellers. The buyer is Walleye Energy.
The sale motion explains, “The Buyer shall pay as the Purchase Price to the Sellers cash in an aggregate amount equal to U.S. $38,700,000 plus inventory adjustment amounts and minus any amounts attributable to any penalty for a shortfall of steam supply to the Refinery…The Bay Shore Retired Assets are the retired coal-fired generating equipment owned by FG and located on the Real Property….The Sellers are entitled to terminate the APA prior to Closing if the incumbent unions have failed to enter into CBA Modifications due to the Buyer’s failure to fulfill its obligations to provide Comparable Employee Benefits under Section 7.09(b), and upon terminating for such cause the Sellers are entitled to a liquidated damages remedy of $3,870,000 paid by the Buyer.” The Court scheduled a June 08, 2018 hearing to consider the sale motion, with objections due by June 01, 2018.
Read more bankruptcy news.