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Kentucky Power Co-Op May Decline to Bid in Auction for Big Rivers Electric.(Originated from Messenger-Inquirer, Owensboro, Ky.)
Knight Ridder/Tribune Business News, February, 1997 by Cooper, Mark
Feb. 27--After paying a $100,000 nonrefundable fee Monday to participate in an auction for Big Rivers Electric Corp., East Kentucky Power Cooperative said Wednesday it might not be able to make a bid.
The Winchester-based utility announced it might not gain consent from the Rural Utilities Service -- which holds a consolidated mortgage from EKPC -- in time to attempt to lease or purchase Big Rivers by the March 19 bid date.
That would leave Louisville-based LG&E Energy Corp. as the sole bidder for Big Rivers, although two other utilities may be allowed to bid.
A bankruptcy court judge last week decided to put the financially troubled utility on the auction block with a stipulation that bidders must pay $100,000 up front.
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