Lincoln Power LLC Files for Chapter 11 Bankruptcy in Delaware

Lincoln Power LLC filed for Chapter 11 protection in Delaware on Friday, court papers show.

• North Carolina-based company lists assets and liabilities of as much as $500 million each in its bankruptcy petition
• Petition indicates affiliates including Cogentrix Lincoln Holdings LLC and Elgin Energy Center Holdings LLC have already or will seek bankruptcy protection
• Latham & Watkins, Young Conaway Stargatt & Taylor and Guggenheim Securities LLC are advising the company, per petition
• Company’s largest unsecured claim is a nearly $39 million penalty from PJM Interconnection LLC, according to the petition
• The case is Lincoln Power LLC, 23-10382, U.S. Bankruptcy ...