General Electric Co.

Oxford, CT: (Sep-05-07) The town of Oxford brought a lawsuit against General Electric Co. (GE), after it had earlier sued Calpine Corp., of San Jose, CA. Calpine's subsidiary, Towantic Energy, had planned to build a $300 million plant in Oxford for several years before filing for bankruptcy in December 2005. In a settlement reached, US Bankruptcy Judge Burton Lifland approved a deal that was worked out in August 2006 by town officials and GE Energy Financial Services. As part of the deal, the town will receive $2.1 million from GE as the company evaluates the economic feasibility of building a power plant off Towantic Hill and Prokop roads. Under the settlement agreement, the town's claim against Calpine Corp. was dismissed. Ken Koprowski, a spokesman for GE Energy Financial Services, said his company expects to finalize the Towantic purchase by Sept. 17, 2007 and the town should receive the settlement payment during that week. [CONNECTICUT POST: POWER PLANT CONSTRUCTION]

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Published on Sep-14-07