Reuters: Bankruptcy News: Bicent Holdings, units file for bankruptcy protection

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Bicent Holdings, units file for bankruptcy protection Apr 23rd 2012, 18:49 April 23 | Mon Apr 23, 2012 2:49pm EDT April 23 (Reuters) - Power company Bicent Holdings and its units filed for a pre-arranged bankruptcy on Monday, as the falling value of its power plant assets and arbitration damages against a subsidiary made it hard for the company to pay up on its loans. Bicent said the arbitration proceedings against its unit Colorado Energy Management had cost it more than $50 million in cash flow, led to loss of contracts and made it more difficult to secure new ones. The arbitration was in connection with the completion of a power plant in Hobbs, New Mexico, plagued with cost overruns. In its filing with a bankruptcy court in Delaware, the company said it had a first lien credit agreement of about $480 million and a second lien agreement of about $130 million. The company said it was filing for creditor protection with the support of certain of its first and second lien lenders. Bicent said it hired Moelis & Co as financial adviser to restructure its balance sheet. The case is In re: Bicent Holdings LLC, U.S. Bankruptcy court, District of Delaware. No: 12-11304. (Reporting by Jochelle Mendonca in Bangalore; Editing by Sreejiraj Eluvangal)

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