Date: November 9, 2009
Source: News Room
The troubled Southeastern Public Service Authority (SPSA) representing eight member municipalities in southeastern Virginia received yet another offer to by all or part of its assets. This time, Wheelabrator Technologies, a division of industry giant Waste Management, modified an earlier proposal and now offers to buy the authority outright. In September, Wheelabrator offered to buy and SPSA agreed to sell them its Portsmouth waste to energy plant for $150 million. However, another company ReEnergy Holdings LLC, a New York firm, has already offered to buy SPSA for more than $240 million. ReEnergy made its initial offer in August, 2008 and has subsequently sweetened its bid. Wheelabrator has not yet disclosed details of its latest offer.
The proposals come nearly a year after SPSA revealed it was buried in $240 million worth of debt and faced a budget shortfall of $16 million. To help keep the agency afloat, residents of six member cities and counties are now paying the highest waste disposal rates in the country - $170 per ton.
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