The U.S. Bankruptcy Court approved Homer City Generation’s Disclosure Statement and concurrently confirmed its First Amended Prepackaged Joint Plan of Reorganization.
According to documents filed with the Court, “On the Effective Date, prior to the release and discharge of the Notes Claims, all Homer City Interests shall continue existing as Reorganized Homer City Interests. Immediately following the release and discharge of the Notes Claims held by New Holdco and New HGC GP LLC (following the GE Contribution as described in Section 5.13 and the contribution of such Notes Claims to New Holdco and New HGC GP LLC, as described in Section 4.3), and the admission of New Holdco as a limited partner and New HGC GP LLC as a general partner of Reorganized Homer City, all of the Reorganized Homer City Interests, other than any Reorganized Homer City Interests owned by New Holdco and New HGC GP LLC, at such time shall be cancelled, extinguished and discharged, the holder of such cancelled, extinguished and discharged interests shall cease to be partners of Homer City and Reorganized Homer City and Reorganized Homer City shall be continued without dissolution as provided for by the Delaware Revised Uniform Limited Partnership Act.”
This electricity generator and seller filed for Chapter 11 protection on January 11, 2017, listing $2.0 billion in pre-petition assets.
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