Constellation Energy Group was given permission to purchase five Boston Generating LLC power plants for $1.1 billion this week by a U.S. bankruptcy court.
Boston Generating, a unit of the US Power Generating Co, originally arranged the sale to Constellation Energy as part of their bankruptcy plan, but were waiting for the court’s approval to go ahead with it.
The five Boston-area plants together provide a combined 2,950 megawatts, making them the third-largest power generating unit in New England.
Boston Generating was forced to file for bankruptcy protection in August after being unable to generate sufficient cash to service its debt and fund operations.
If you are facing bankruptcy, contact the New Orleans bankruptcy lawyers of the Law Office of David D. Kervin, Jr., LLC by calling 504-599-5906 to discuss your legal situation.
Bensalem, Pennsylvania-based Orleans Homebuilders this week sought court approval this week for a $155 million loan. The company filed for bankruptcy protection last March after defaulting on a credit facility.
The loan would facilitate the company’s emergence from Chapter 11 bankruptcy and be composed of a $125 million term loan and a revolving credit of $30 million.
JPMorgan Securities LLC is the sole lead arranger and bookrunner for the financing.
If you are facing bankruptcy, contact the New Orleans bankruptcy lawyers of the Law Office of David D. Kervin, Jr., LLC by calling 504-599-5906 to discuss your legal situation.
Attorney David Kervin Jr. was interviewed recently in order to discuss why bankruptcy filing may not be the best alternative to have your bank foreclose on the property.
“The more we do this, the more savvy we get at looking at the intangibles of clients’ cases and say, ‘You’re probably not going to last in Chapter 13,’” Kervin told
Chapter 13 bankruptcy occurs when debtors are allowed to reorganize their finances rather than liquidate them. One issue is that most Chapter 13 filings allow debtors three to five years to pay back creditors, but mortgage debt has a longer time frame. Kervin has said that many larger institutions are unwilling to help borrowers catch up and make payments that are smaller.
If you or a loved one has been considering bankruptcy, you need experienced representation on your side during this stressful time. Contact the New Orleans bankruptcy lawyers of the Law Office of David D. Kervin, Jr. by calling 504-599-5906 to discuss your legal situation.
