Who is selling eight power plants to LS Power Group?
Incidentally LS Power Associates were Dynegy’s development partners at one point of time. This deal would see LS Power paying $1.025 billion in cash and about $500 million in stocks. Dynegy has been facing rough times economically over a period of time and had a loss of $272 million in 2008 in the quarter ending June 30th, which has now become $345 million for the same quarter this year. The selling of these power plants is a part of its strategic thinking for the future and the company is also planning to cut expenses drastically at a range of around $400 to $450 million over a course next few years. Dynegy wants cash from this deal which it plans to use in paying off its debt. [1] COLUMBUS, Ohio — Power provider Dynegy will sell eight plants plus another under development for about $1 billion in cash and $500 million in stock as the company attempts to bolster its finances and reduce debt. Houston-based Dynegy reported Monday that its second-quarter loss widened by 27 percent as it w
