Date: January 25, 2009
Source: News Room
New York-based ReEnergy Holdings is taking its case for purchasing the Southeastern Public Service Authority (SPSA) directly to the eight member municipalities themselves after having its $205 million offer for the agency rejected for a second time without even a public hearing. ReEnergy is seeking operating data, legal and financial information in order to pursue its offer to buy all of SPSA's assets, including a power plant in Portsmouth and the regional landfill in Suffolk, and retire the agency's $240 million in debt. SPSA management rejected the offer despite its announcement earlier this month that it plans to double tipping fees to $245 per ton. ReEnergy representatives and affiliates are instead appealing to city leaders in the communities SPSA serves: Virginia Beach, Norfolk, Portsmouth, Chesapeake, Suffolk, Franklin, Southampton County and Isle of Wight County, hoping to break the impasse.
To learn more about ReEnergy Holdings, visit: www.reenergyholdings.com.
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