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Koch Unit Says Texas Plant Owes $286M Despite Winter Storm
Law360 (March 16, 2021, 2:58 PM EDT) -- A Koch Industries affiliate hit the owners of a power plant in Odessa, Texas, with a breach of contract suit in Delaware Chancery Court Monday, alleging they unfairly reneged on an asset purchase agreement by refusing to pay an extra $286 million for the partially frozen month of February.
In a 20-page complaint, Wichita, Kansas-based Koch AG & Energy Solutions LLC accused the Texas-based La Frontera Holdings LLC and its parent Vistra Operations Company LLC of intentionally missing a $286 million payment they owed KAES for February, based on the "baseless pretext" that the winter storm "completely destroyed" the natural gas...