Chevron Corp. wants a bankruptcy judge to revisit his decision allowing Edison Mission to keep its share of a natural-gas joint venture involving the two companies now that Edison has a deal to sell its assets to NRG Energy Inc. for $2.6 billion, Dow Jones Newswires reported on Friday. In a court filing last Wednesday, lawyers for the oil company asked Bankruptcy Judge Jacqueline P. Cox to re-open the case record before granting final approval to Edison Mission's bid to legally "assume," or retain, its stake in the lucrative natural-gas deal.
The sale to NRG "fundamentally alters" some of the key premises underlying Edison Mission's bid to assume the contract and "debunks" its argument that it didn't intend to transfer their contract to a third party. Chevron, which sued Edison Mission shortly after its bankruptcy filing to remove its partner from the deal, also said that a newly discovered document establishes Edison Mission is the "parent" of two subsidiaries involved in the Chevron partnership.
