Bankruptcy Law News

Power Seller Controlled by Greg Lindberg Files for Bankruptcy

Oct. 4, 2019, 6:38 PM

A power company controlled by Greg Lindberg, the North Carolina insurance magnate indicted in March on bribery charges, has filed for bankruptcy after inflated accounting left it short on cash.

Agera Energy LLC, which provides electricity and natural gas to about 35,000 customers, was already struggling when management discovered $39 million of overstated receivables, Chief Operating Officer Todd Sandford said in a Chapter 11 declaration.

That caused the company to default on a contract with BP Energy Co., setting off a chain of events that led Agera to seek Chapter 11 protection in the Southern...

To read the full article log in. To learn more about a subscription click here.