This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Dynegy Announces Results Of Roseton And Danskammer Auction

Dynegy Inc. (NYSE: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, LLC (ICS) and Louis Dreyfus Highbridge Energy LLC (LDH Energy) for Danskammer and Roseton, respectively, with a combined cash purchase price of $23 million 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, 2012. 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 $19.5 million 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 7, 2012. Danskammer will be sold to ICS for $3.5 million 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.

ABOUT DYNEGY

Dynegy's subsidiaries produce and sell electric energy, capacity and ancillary services in key U.S. markets. The Dynegy Power, LLC power generation portfolio consists of approximately 6,771 megawatts of primarily natural gas-fired intermediate and peaking power generation facilities. The Dynegy Midwest Generation, LLC portfolio consists of approximately 3,132 megawatts of primarily coal-fired baseload power plants. The DNE portfolio consists of approximately 1,693 megawatts from two power plants which are primarily natural gas-fired peaking and baseload coal generation facilities.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,070.40 +46.34 0.26%
S&P 500 2,114.49 +6.20 0.29%
NASDAQ 5,016.9290 +11.5380 0.23%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs