Bankruptcy/Chapter 11 / Energy
Longview Power Chapter 11 Petition Filed
Privately-held Longview Power and 12 affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 13-12211. The Company, which operates a coal fired power generating facility in Maidsville, West Virginia, is represented by Daniel J. DeFranceschi of Richards, Layton & Finger. The Company announced its intentions to operate its business as it continues to negotiate a Chapter 11 plan with lenders to de-risk its balance sheet. Longview Power’s C.E.O., Jeffery Keffer, explains, “After careful consideration of available alternatives, the Company determined that filing for Chapter 11 was a necessary and prudent step that allows us to strengthen and operate our businesses without interruption while continuing to restructure the Company’s balance sheet. The Company has been in consensual negotiations with our senior lenders toward a Chapter 11 plan to maximize value; those negotiations remain ongoing. We remain confident that the Company and our lenders will reach an agreement on the terms of a Chapter 11 plan in the near term.” Longview Power’s Chapter 11 petition indicates more than $1 billion in total assets.
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