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Posts Tagged ‘bankruptcy’

Constellation Energy Group to Acquire Boston Generating

August 12, 2010 Leave a comment

Constellation energy group is a leading energy supplier for wholesale and retail eclectic gas consumers. They are also recognized as a Fortune 500 energy company that serves both natural and gas customers. This past Monday, the group announced that they are aiming to purchase five power plants throughout Boston for $1.1 billion. If accomplished, this would go down as one of the largest Boston power plant acquisitions and grow the energy production capacities of Constellation by a third.

Constellation Energy Group

Constellation Energy Group

Boston Generating, which is a part of the U.S. Power Generating Co. is expected to file for bankruptcy and hopefully have a seasoned Maryland bankruptcy attorney on hand. This is where Constellation energy group comes in. The Baltimore power plant providers made a deal in the amount of 1.1 billion which would top an auction price. Constellation, who currently serves 13.3 terawatt hours in New England, would acquire 2,950 by purchasing the four plants that are facing bankruptcy.
Already this year, Constellation has purchased two facilities of natural gas in Texas in the amount of $365 million. The company has had its share of trials and tribulations. Their new Southern Maryland nuclear power plant partnership with, Electricite de France is in jeopardy and pending federal loan approvals and guarantees.

Constellation’s financial advisers were Credit Suisse and UBS Investment Bank and its legal adviser was Winston & Strawn LLP.

BP Oil Spill leaves them at the bottom of the Ocean

June 16, 2010 1 comment

..Metaphorically speaking that is.  As BP shares tank there is a lot of buzz going on in regards to bankruptcy.  Yet again, shares have taken a major dip today after another sell off took place last week in New York that devalued the London based oil company over $82 million.

52 days after the gargantuan spills in the Gulf of Mexico, shares have fallen over 50%.  This has left people talking about the possibilities of BP filling for bankruptcy.  All the while, politicians in the United States are still pressing the company to cease dividend payments in order to pay more compensation for the spill.

Fortune Magazine’s Matt Simmons stated that BP is likely to “run out of cash from lawsuits, cleanup and other expenses.  He continued to state that “one really smart thing that Obama did was about three weeks ago he forced BP CEO Tony Hayward to put in writing that BP would pay for every dollar of the cleanup. But there isn’t enough money in the world to clean up the Gulf of Mexico. Once BP realizes the extent of this, my guess is that they’ll panic and go into Chapter 11.”