Selby, North Yorkshire-based power company Drax Group said that following the conclusion of an auction, Drax had been “provisionally successful” in its bid to acquire the assets of Louisiana Pellets.
The auction price was $35.4 million.
“A court hearing to approve the auction result is scheduled to take place in early April, with completion of the sale expected by month-end,” said Drax.
On February 27, Drax announced that it was participating in auction processes for the acquisition out of bankruptcy of substantially all of the assets of Louisiana Pellets and Texas Pellets.
“The process for the sale out of bankruptcy of the assets of Texas Pellets has been postponed,” said Drax.
“Drax remains an interested party in the acquisition of these assets.”