BankruptcyData’s detailed analysis and summary of GenOn Energy’s Third Amended Joint Chapter 11 Plan of Reorganization, dated December 10, 2017, is now available. The U.S. Bankruptcy Court confirmed the Plan on December 12, 2017; however, an effective date has not yet been issued.
BankruptcyData notes, “The Plan and RSA contemplates the Debtors’ restructuring through, among other things, cash payments in full satisfaction of the Revolving Credit Facility Claims, the equitization of all GenOn Notes Claims into the New Common Stock, payment in cash at an approximately 94% recovery on account of the GAG Notes Claims, the reinstatement or unimpairment of all General Unsecured Claims, and the issuance of the New Senior Secured Notes and/or New Exit Credit Facility Term Loans to fund distributions under the Plan. This structure will allow the Debtors to reduce its funded debt by at least $1.75 billion.”
BankruptcyData’s Plan Summary continues, “The Valuation Analysis estimates the Total Enterprise Value of the Reorganized Debtors to be approximately $1,380 million to $1,680 million, with a midpoint of $1,530 million as of an assumed Effective Date of December 31, 2017.” BankruptcyData premium subscribers receive access to the full summary, which provides further details on corporate background, events leading to GenOn Energy’s June 14, 2017 Chapter 11 filing, recovery specifications and a comprehensive break-down of all claimant classes.
Read more GenOn Energy bankruptcy news.
The post GenOn Energy Bankruptcy Plan Summarized appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.