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AES Eastern files for bankruptcy after lease bondholder agreement
03 January 2012
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[aes]
[new york state]
[lease bonds]
[bankruptcy]
AES Eastern has filed for chapter 11 bankruptcy protection as part of an agreement with the coal-fired power portfolio's bondholders. The issuer has struggled with excess capacity in western New York State, where it is based, as well as high fuel costs and low power prices, in turn a function of low gas prices in the US. The agreement with bondholders is a stalking horse bid, and other buyers may attempt to beat it during a court-supervised auction. But AES, which has written off its equity investment in the pant, has tried without...
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