The company sued NRG a year ago claiming it had not been paid for the work it had done on the unfinished project. Shaw had worked on the project through its subsidiary Stone & Webster, which was the engineering, procurement and construction contractor on the Pike project.
Although the precise terms were not disclosed, included in the consideration under the proposed settlement Shaw will receive an allowed claim in a fixed amount of $35 million in the pending bankruptcy case of NRG, which is currently going through Chapter 11 reorganization. Shaw says it will also retain ownership of the materials and equipment on the Pike project site, except for the turbines, as well as ownership of the project site.
The litigation will be dismissed as a result of the agreement, which is subject to bankruptcy court approval.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
