ATLANTA - The utilities commission of Sebring, Fla., last week failed to approve the sale of assets to the Florida Power Corp., throwing into disarray plans to head off a possible technical default on $85.5 million in outstanding debt.

In a board meeting held last Thursday, the proposal died after the commissioner of the Sebring Utilities Commission failed to second a motion by Chairman Ned Hancock, calling for sale of the electric power system for $17.8 million.

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