Texas Powerhouse gets approval to use money from lender at ch. 11

By Vince Sullivan (June 2, 2022, 4:58 p.m. EDT) – The owner of a Texas power plant received approval on Thursday to access cash from its secured lenders when a Delaware judge ruled that the money was necessary to maintain operations and preserve the value of its assets prior to a Chapter 11 sale.

In a virtual court ruling, U.S. Bankruptcy Judge John T. Dorsey dismissed unsecured creditor Direct Energy Business Marketing LLC’s objections to Ector County Energy Center LLC’s request to use cash collateral from its secured lenders, claiming that money is essential. debtor’s bankruptcy plans and terms are…

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