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Mirant’s auction has hit a wall temporarily as buyers take a step back from the process to let credit concerns subside, it is understood. While the process is understood to be only stalled, not over, the target does not feel obligated to push interested suitors for final bids and is, instead, waiting to see if buyers return in September.
The process itself was halted about a couple of weeks ago, said an industry banker who heard from a buyside source.
A source familiar with the situation said a key potential buyer in Mirant’s auction, a strategic with healthy cash reserves, would not be pursuing Mirant at this time due to price, said to be an issue from the start.
In response to this story, a Mirant representative said the company continues to review strategic alternatives.
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