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December 10, 2012
15:28 EDTDYNDynegy: Roseton and Danskammer facilities sold for $23M plus liabilities
Dynegy (DYN) announced the results of the U.S. Bankruptcy Court-supervised auction sales process for the Roseton and Danskammer power generation facilities located near Newburgh, New York. The winning bidders are ICS NY Holdings and Louis Dreyfus Highbridge Energy for Danskammer and Roseton, respectively, with a combined cash purchase price of $23M and the assumption of certain liabilities. Dynegy filed a notice with the Court earlier today seeking approval of the sales during a hearing scheduled for December 21. The sale will close upon the satisfaction of certain closing conditions and the receipt of any necessary regulatory approvals. Roseton will be sold to LDH Energy for $19.5M in cash and LDH Energy's assumption of certain liabilities, including outstanding tax liabilities. LDH Energy has agreed to operate under the terms of the expired union contract, as modified by the unilaterally implemented "last, best and final" offer made to the union on November. Danskammer will be sold to ICS for $3.5M in cash and ICS' assumption of certain liabilities. Danskammer, which was rendered inoperable as a result of Superstorm Sandy, will be retired upon completing the appropriate regulatory processes. Following closing of the sale and retirement notification process, ICS will demolish any remaining structures and remediate the site. Dynegy is in the process of communicating with employees whose jobs will be affected by the facility sales.
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September 29, 2015
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