In re Boston Generating, LLC
United States Bankruptcy Court for the Southern District of New York
440 B.R. 302 (2010)
- Written by Eric Miller, JD
Facts
Boston Generating, LLC (debtor), an electricity company, financed its operations through a $1.45 billion loan secured by substantially all its assets and a $350 million loan secured by second liens on the same assets. Boston Generating entered Chapter 11 bankruptcy. Constellation Holdings, Inc. (Constellation) sought to purchase Boston Generating’s assets, free and clear of liens, for $1.1 billion. Boston Generating filed a sale motion to that effect. The second-lien holder and other parties objected to the $1.1 billion price as violating § 363(f)(3) of the United States Bankruptcy Code, a potentially ambiguous provision that required a sale price to be equal to or greater than the aggregated value of the liens asserted against it.
Rule of Law
Issue
Holding and Reasoning (Chapman, J.)
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