Avenue Capital Group won bankruptcy court approval for a $26.25 million acquisition of an Illinois power plant operator that filed Chapter 11 after being hit with substantial penalties over its failure to generate enough power during a severe winter storm in December.
Judge Laurie Selber Silverstein said Wednesday she would approve Avenue Capital’s purchase of gas-fired power plants operated by bankrupt Lincoln Power LLC that supply energy to the Chicago area. The power plants, located in Elgin and East Dundee, Illinois will be managed by Avenue affiliate Middle River Power, according to court documents.
Lincoln filed bankruptcy in March ...
