What rumor? The CEO himself stated LLEG has sold its equity interest in the Berlin, NH plant:
"President and CEO Michael Bartoszek
described it as a sale of his
company’s equity interest and said he
will remain CEO and both Lou Bravakis
and Ray Kusche will remain in
their capacities as well.
“This greatly benefi ts the project and
us as a company. As you know, Newco/
PJPD has been providing the fi nancing
of the project up to this point, so
they have been greatly involved in the
project since we closed on the acquisition
of the facility. From the perspective
of the project it greatly simplifi es
the ownership structure so there is one
owner rather than one party owning
the property and another owning project
cash fl ows. This makes arranging
the long-term debt fi nancing of the
project much easier and simplifi es the
management of the project.” he wrote
in an e-mail.
“From Laidlaw’s perspective this
is a good deal for a number of reasons.
Certainly it validates our business
model. Our goal in Berlin as the
project’s sponsor has been to assemble
and manage all of the components to
make it a successful project. Specifi -
cally, acquiring the property, assembling
the project team, arranging
development fi nancing, arranging for
permits, negotiating and executing
the PPA and other key contracts and
positioning the project for construction
fi nancing. We have accomplished
almost all of our objectives and hopefully
once the permitting process is
complete we will be able to promptly
complete the construction fi nancing
and achieve our goal to commence
construction by the end of the year.
At that point the EPC contractor and
LAIDLAW from page 6
those charged with overseeing construction
have a much larger role and
it makes sense for us to take a back
seat and focus our efforts elsewhere.
This is the natural evolution of a project
of this type. Obviously we feel this
deal with Newco is a very good deal
for Laidlaw and its stakeholders or
we wouldn’t have done it so we are
very happy with the outcome,” he concluded.
We felt it was important to announce
this during the EFSEC process so
that it would be fully disclosed to the
committee rather than have it happen
after the process is fi nished. We
believe this is the most prudent course
of action,” Bartoszek concluded.
The SEC has until Sept. 23 to rule
on Laidlaw’s application."
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