Retail energy supplier Agera Energy LLC filed for Chapter 11 bankruptcy protection and entered an agreement to sell its assets to Constellation NewEnergy Inc.
Subject to the approval of the U.S. Bankruptcy Court for the Southern District of New York, the majority of Agera's existing customers will be transferred to Constellation, a subsidiary of Exelon Corp.
"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," Mark Linzenbold, CFO of Agera Energy, said in an Oct. 4 news release.
The case has been assigned to Judge Robert Drain. Stretto has been retained as the claims and noticing agent.
Agera is headquartered in Briarcliff Manor, N.Y., and operates in 15 states and the District of Columbia.
Agera Energy is a subsidiary of Agera Holdings LLC.
