BATESVILLE, Miss. (AP) - Panola County could lose as much as $4.4 million in future property taxes if South Mississippi Electric Power Association succeeds in its bid for LSP Energy.
South Mississippi Electric Power Association (SMEPA) has entered into a purchase agreement in Federal Bankruptcy Court in Delaware to buy all assets of LSP Energy for $249 million. It's not yet a done deal.
Officials tell the Panolian (http://bit.ly/PKrZfd) that if SMEPA succeeds the assets of LSP will come off future years' tax rolls.
SMEPA is the leading bidder for LSP's natural gas-fired electric generating plant at Harmon Industrial Park in Batesville that filed Chapter 11 bankruptcy.
An auction scheduled Aug. 13 in New York will allow remaining bidders an opportunity to outbid SMEPA. SMEPA would have the opportunity to match any better bid.
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