In Chapter 11 proceedings involving a bid for the debtors' largest asset, a power plant, bankruptcy court's denial of a bidder's request for disbursement of administrative expenses in the form of a break-up fee from the estate is affirmed as the court did not abuse its discretion when it concluded that an award of a break-up fee was not necessary to preserve the value of the estate.
On Appeal from the United States District Court for the District of Delaware
Opinion Filed January 15, 2010
Opinion by Circuit Judge Greenberg
For Appellant: Andrew K. Glenn, Kasowitz Benson Torres & Friedman
For Appellee: Robert J. Stearn, Jr., Richards Layton & Finger