Mirant Wraps Up Sale of Plant in China

Mirant Corp., an electricity producer and trader trying to raise cash to reduce debt, completed the sale of its stake in a Chinese power plant for $300 million to a unit of the Chinese Foreign Ministry.

Mirant’s share of the Shajiao C plant near Hong Kong, the largest coal-burning plant in Guangdong province, was sold to China Resources Power Holding Co., the company said. The proceeds were used to pay off a $254-million loan that had blocked Mirant from drawing cash from its Asia-Pacific operations.

Mirant rose 10 cents, or 5.7%, to $1.87 on the NYSE.