SPSA Spurns New York Firm's Second Buyout Offer

Date: January 9, 2009

Source: News Room

For the second time this year, the financially strapped Southeastern Public Service Authority (SPSA), serving eight municipalities in that part of Virginia, has rejected a buyout proposal from New York-based ReEnergy Holdings LLC. SPSA's board chairman said the offer would have left South Hampton Roads with just one provider of waste services, and preclude studies and bids from other private companies to buy assets of the public agency. A similar offer from ReEnergy was rejected last summer, and became public only when SPSA disclosed the talks in a memo to local government leaders.

Launched in the 1970s, SPSA serves Virginia Beach, Norfolk, Chesapeake, Portsmouth, Suffolk, Franklin, Isle of Wight County and Southampton County. Its board consists of one member from each locality.

See Also:
NY-based ReEnergy Makes another Bid for SPSA

Fate of SPSA to be Decided by its Board

SPSA is a Mess Says Virginia's Auditor

SPSA to Stop Accepting Waste from Other States


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