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Agera Energy, LLC Files Chapter 11 Protection, Enters Into Agreement to Sell Its Retail Assets to Constellation
October 9, 2019
Source: Business Wire
Agera Energy and its affiliates have filed for chapter 11 bankruptcy protection in the United States Bankruptcy Court, Southern District of New York and is facilitating an asset sale to Constellation, a subsidiary of Exelon Corporation (Nasdaq: EXC), subject to bankruptcy court approval. If approved by the bankruptcy court, the majority of Agera’s existing customers will be transferred to Constellation upon completion of the sale.
“Due to unforeseen circumstances impacting the viability of Agera Energy’s business and its objectives, the company’s management team has made the decision to facilitate a sale under chapter 11 to minimize disruptions to our customers,” comments Mark Linzenbold, CFO of Agera Energy. “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.”
Headquartered in Briarcliff Manor, New York, Agera Energy provides retail electricity and natural gas to commercial, industrial, and residential customers. It enables customers to receive electricity and natural gas needs from a source other than the local utility and to tailor energy supply to their specific needs. Agera Energy provides services to customers in California, Connecticut, Delaware, District of Columbia, Illinois, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Texas and Virginia.
“This agreement would provide an opportunity to grow our retail business in strategic markets and strengthen our position as the nation’s largest competitive energy provider,” said Jim McHugh, Constellation CEO. “Provided the court process unfolds favorably, we look forward to providing Agera Energy’s retail customers with the same quality products, services and clean energy solutions that Constellation customers currently enjoy.”
The case has been assigned to the Honorable Judge Robert D. Drain. Stretto has been retained as the claims and noticing agent. For additional information, please visit www.cases.stretto.com/agera.
About Agera Energy
Established in 2014, Agera Energy is a retail energy supplier offering a one-stop-shop for energy supply, efficiency and audit services. Serving a national footprint of customers, the company supplies residential and business customers, ranging from the smallest apartments to the largest industrial users, with electricity and natural gas. With best-in-class energy solutions, Agera Energy focuses on its customers so they can focus on their homes and businesses. For more information, visit www.ageraenergy.com.
Constellation is a leading competitive retail supplier of power, natural gas and energy products and services for homes and businesses across the continental United States. Constellation's family of retail businesses serves approximately 2 million residential, public sector and business customers, including more than two-thirds of the Fortune 100. Baltimore-based Constellation is a subsidiary of Exelon Corporation (Nasdaq: EXC), the nation’s leading competitive energy provider, with 2018 revenues of approximately $36 billion, and more than 32,000 megawatts of owned capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. Learn more at www.constellation.com or on Twitter at @ConstellationEG.
For more information, contact:
Agera Energy, LLC
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