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FIGHT FOR CONTROL OF PROFITABLE WEST VIRGINIA POWER PLANT ESCALATES WITH MOTION TO DISMISS BANKRUPTCY
Omnis Fuel says the plant was cash-flow positive with $13 million in unencumbered cash and did not need Chapter 11 protection.
- On Friday, August 14, Omnis Fuel Technologies filed a motion in U.S. Bankruptcy Court for the District of Delaware to dismiss the Chapter 11 bankruptcy of Pleasants Power Station, arguing the profitable facility never required protection.
- This motion follows a control dispute involving lenders associated with investor Tony Robbins, who rejected a $75.64 million payoff attempt; owners claim it terminated extraordinary governance rights held by the lenders.
- Attorneys for the owners argue the debtor is cash-flow positive, holding approximately $13 million in unencumbered cash with projections to generate well over $100 million in annual capacity revenue, asserting the power plant itself never borrowed the disputed funds.
- Should the court decline dismissal, the motion asks the judge to appoint an independent Chapter 11 trustee and vacate the Interim Cash Collateral Order, alleging current management's sale process disrupts value maximization efforts.
- Omnis Fuel Technologies President Charles Gassenheimer stated the case "should ultimately be about the interests of Pleasants Power Station, its employees, its legitimate creditors and the State of West Virginia," questioning whether the process serves the company.
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FIGHT FOR CONTROL OF PROFITABLE WEST VIRGINIA POWER PLANT ESCALATES WITH MOTION TO DISMISS BANKRUPTCY
Omnis Fuel Technologies challenges Chapter 11 filing of 1,278-MW Pleasants Power Station after $75.64 million payoff was rejected and state court denied lenders' bid for emergency relief
Omnis Pleasants owners fight to wrest control of Pleasants Power Station
CHARLESTON – The company that bought the former Pleasants Power Plant three years ago argues it remains in control, accusing the current management team connected to motivational speaker Tony Robbins of engaging in an unauthorized bankruptcy. Attorneys with Omnis Fuel Technologies, the company founded by Simon Hodson, filed a motion Friday in the U.S. Bankruptcy […]
·Wellington, New Zealand
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Total News Sources25
Leaning Left3Leaning Right1Center18Last UpdatedBias Distribution82% Center
Bias Distribution
- 82% of the sources are Center
82% Center
14%
C 82%
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