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FERC authorizes Empire Generating to change upstream ownership

The Federal Energy Regulatory Commission authorized Empire Generating Co. LLC, a bankrupt power plant owner and operator, to change its upstream ownership.

Empire Generating owns and operates the 653.7-MW Empire Generating Project and related interconnection facilities. It sells electric capacity and energy within the New York ISO balancing authority.

Empire Generating Co., along with upstream owners Empire Gen Holdco LLC, Empire Gen Holdings LLC and TTK Empire Power LLC, in mid-May filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York.

Under the transaction, Empire Generating Co. will sell all of the issued and outstanding membership stake in Empire Gen Holdings membership interests to Acquisition LLC, "which in turn will be owned by several creditors of certain of the debtors."

Acquisition LLC consists of "various investment funds and entities managed or controlled" by Black Diamond Capital Holdings LLC, a privately held asset management firm. (FERC docket EC 19-99)