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ExGen Texas Power Chapter 11 Bankruptcy

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Privately-held ExGen Texas Power (EGTP) and six affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 17-12377. The Company, which generates and distributes electricity, is represented by Daniel J. DeFranceschi of Richards, Layton & Finger. EGTP is a wholly-owned indirect subsidiary of Exelon Generation.

Parent company Exelon–which is not included in the filing–comments, “Historically low power prices within Texas have created challenging market conditions for all power generators, including the five natural gas-fired EGTP plants. EGTP’s Board of Directors determined, after evaluating a range of opportunities, to move forward with a two-part plan. First, Exelon Generation has negotiated an agreement with EGTP’s lenders that, pending a competitive bidding process and receipt of all necessary approvals, would allow Exelon Generation to continue to own and operate the Handley Generating Station in exchange for a $60 million payment to the lenders. Second, the lenders have agreed to exchange the debt they currently hold in EGTP’s other four plants for equity in the plants, effectively taking ownership of these facilities.”

EGTP’s Chapter 11 petition indicates per-petition assets greater than $100 million.

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The post ExGen Texas Power Chapter 11 Bankruptcy appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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