An Australian electricity generator Alinta Energy Ltd., which is in search of to get rid of debt, stopped the trading in Sydney awaiting the result of talks with its lending group after getting offers for assets.

Today Sydney-based Alinta said in a statement that the halt will remain in anticipation of September 21 or an earlier declaration to the market. A restructuring offer has been made by Arcapita worth more than a$2 billion ($1.9 billion), while ACWA Power International has made a bid slightly below that level,

Alinta, previously known as Babcock & Brown Power Ltd., rented to buy power stations and gas retailing networks. As per its financial statement it has made a bank debt of a$2.8 billion as of Dec. 31.

The company's shares, which pointed at a$3.74 in May 2007, now they have lost 98 percent of their value as Babcock Power was strained to renegotiate provisions with lenders and sell assets. They last contracted at 5.8 Australian cents.

According to Alinta's website, the company has interests in 12 operating power stations, whereas its gas and electricity retailer in Western Australia has more than 580,000 customers