Agera Energy and its affiliates have filed for chapter 11 bankruptcy protection in the United States Bankruptcy Court, Southern District of New York and is facilitating an asset sale to Constellation, a subsidiary of Exelon Corporation (Nasdaq: EXC), subject to bankruptcy court approval. If approved by the bankruptcy court, the majority of Agera’s existing customers will be transferred to Constellation upon completion of the sale.
“Due to unforeseen circumstances impacting the viability of Agera Energy’s business and its objectives, the company’s management team has made the decision to facilitate a sale under chapter 11 to minimize disruptions to our customers,” comments Mark Linzenbold, CFO of Agera Energy. “While we are deeply disappointed to be filing bankruptcy, we’re excited that a market-leading energy company will be able to continue serving our customers’ needs.”
Headquartered in Briarcliff Manor, New York, Agera Energy provides retail electricity and natural gas to commercial, industrial, and residential customers. It enables customers to receive electricity and natural gas needs from a source other than the local utility and to tailor energy supply to their specific needs. Agera Energy provides services to customers in California, Connecticut, Delaware, District of Columbia, Illinois, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Texas and Virginia.
“This agreement would provide an opportunity to grow our retail business in strategic markets and strengthen our position as the nation’s largest competitive energy provider,” said Jim McHugh, Constellation CEO. “Provided the court process unfolds favorably, we look forward to providing Agera Energy’s retail customers with the same quality products, services and clean energy solutions that Constellation customers currently enjoy.”
The case has been assigned to the Honorable Judge Robert D. Drain. Stretto has been retained as the claims and noticing agent. For additional information, please visit http://www.cases.stretto.com/agera.
Agera Energy |http://www.ageraenergy.com
Constellation | http://www.constellation.com