Dynegy Inc. and Illinois Power Generating Company (Genco), an indirect, wholly owned subsidiary of Dynegy, announced that they received the requisite accepting votes in favor of a prepackaged plan of reorganization for Genco.

Genco subsequently filed a case under Chapter 11 of the United States Code in the United States Bankruptcy Court for the Southern District of Texas, Houston Division, to pursue confirmation of the Plan.

The filing followed the successful solicitation of acceptances for the Plan pursuant to an Offering Memorandum and Disclosure Statement, dated November 7, 2016 with respect to (1) an out-of-court exchange offer (the Exchange Offer) relating to Genco’s outstanding 7.00% Senior Notes, Series H, due 2018, 6.30% Senior Notes, Series I, due 2020 and 7.95% Senior Notes, Series F, due 2032 (collectively, the Genco Notes) and (2) the concurrent solicitation of votes in favor of the Plan.

The Exchange Offer was terminated because the requisite participation threshold of 97% of the outstanding principal amount of Genco Notes was not satisfied, but Genco received votes approving the Plan from approximately 97% in amount and 83% in number out of the holders of Genco Notes who voted on the Plan.

The Plan distributions will be the same as those disclosed in a November 7, 2016 news release (see details here). Additional information will be provided to the holders of Genco Notes with respect to the procedures that will be required in order to receive Plan distributions. If such procedures are approved by the Court, any holder who fails to follow the required distribution procedures with respect to its Genco Notes on or prior to the 165th day after the effective date of the Plan will have its Noteholder Claim (as defined in the Offering Memorandum and Disclosure Statement) and its distribution pursuant to the Plan on account of such Noteholder Claim discharged and forfeited and will not receive any distribution under the Plan. Any property in respect of such forfeited Noteholder Claims will revert to Dynegy or Genco, as applicable.

Genco has asked the Court for authority for standard and customary "first day" relief to continue its operations in the ordinary course during the restructuring process. Illinois Power Marketing Company (including Homefield Energy) and Dynegy Energy Services are not a part of the filing. The Genco plants include the Coffeen and Newton Power Stations

Tags:
Dynegy   Finance  

Comment on this story


ADVERTISEMENT
NEW Jobs on RetailEnergyJobs.com
TPV-SALES-EXECUTIVE -- Back Office Provider -- Other
Sr-Market-Risk-Analyst -- Wholesale Supplier/Trader -- New York - New York City Metro
Energy-Regulatory-Specialist -- Other -- Other
More Stories on RetailEnergyX.com:
FT: Mitsubishi-Backed Retail Supplier 'Prepares Bid' For International Retail Supplier With U.S. Arm
UK Retail Supplier With US Affiliate In Talks To Secure 'New Funding'; Wholesale Prices Challenge
Lightsource bp Completes $380m Financing on 316 Megawatts of Solar in Texas, Announces PPAs '
AltaGas Provides Update On Strategic Plan, Introduces 2021 Financial Guidance And Increases Dividend
NRG Announces Notes Offerings, Part Of Funding Direct Energy Acquisition