Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11 / Bonds

Illinois Power Generating Company Disclosure Statement Approved, Plan Confirmed

The U.S. Bankruptcy Court approved Illinois Power Generating Company's (Genco) Disclosure Statement and concurrently confirmed its Prepackaged Chapter 11 Plan of Reorganization. According to documents filed with the Court, "Dynegy will serve as co-sponsor and co-proponent of the Plan and is participating in the Plan with Genco, but, for the avoidance of any doubt, only Genco intends to commence the Chapter 11 Case (subject to the terms and conditions of the Support Agreement and approval by Genco's board of directors) and Dynegy is not commencing a case under Chapter 11 or otherwise. Dynegy will issue the Dynegy Notes and the Dynegy Warrants, and Genco will provide the cash portion of the Eligible Holder Distribution, the Non-Eligible Holder Distribution and the Support Agreement Fee; provided, that if the cash available at Genco on the Plan Effective Date is insufficient to pay such amounts and other amounts then payable by Genco, Dynegy will provide Genco with the funds necessary to pay the difference through the Genco Working Capital Facility." This power generation company filed for Chapter 11 protection on December 9, 2016, listing $1.2 billion in pre-petition assets.

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