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GenOn Energy – Approves NRG REMA Disclosure Statement and Confirms Prepackaged Chapter 11 Plan

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November 1, 2018 – The Court hearing the GenOn Energy case approved the Disclosure Statement of Debtor affiliate NRG REMA and confirmed NRG REMA’s Joint Prepackaged Chapter 11 Plan of Reorganization [Docket No. 1955]. The Court order summarized the rights of claim holders as follows, “Holders of Claims in Voting Classes were eligible to vote to accept or reject the Plan in accordance with the Solicitation Procedures. Under the Plan, Holders of Claims and Interests in Classes 1, 2, and 4 (collectively, the ‘Deemed Accepting Classes’) are Unimpaired and conclusively presumed to accept the Plan and, therefore, did not vote to accept or reject the Plan. Under the Plan, Holders of Claims in Class 7 are Impaired under the Plan, are entitled to no recovery under the Plan, and are therefore deemed to have rejected the Plan. Holders of Intercompany Claims in Class 5, Intercompany Interests in Class 6, and REMA Interests in Class 8 are Unimpaired and conclusively presumed to have accepted the Plan (to the extent reinstated) or are Impaired and deemed to reject the Plan (to the extent cancelled and released) (together with Class 7, the ‘Deemed Rejecting Classes’), and, in either event, are not entitled to vote to accept or reject the Plan (the Deemed Accepting Classes and the Deemed Rejecting Classes, the ‘Non-Voting Classes’).”

As previously reported on October 16, 2018 in respect of expected recoveries: 

  • Class 1 – Other Secured Claims – Receives 100% on plan recovery and 100% on liquidation recovery.
  • Class 2 – Other Priority Claims – Receives 100% on plan recovery and 100% on liquidation recovery.
  • Class 3(a) – GenOn Claims – Receives agreed treatment on plan recovery and 15 to 16% on liquidation recovery.
  • Class 3(b) – PSEG Claims – Receives agreed treatment on plan recovery and 15 to 16% on liquidation recovery.
  • Class 3(c) – Key/Con Rejection Damages Claims – Receives agreed treatment on plan recovery and 15 to 16% on liquidation recovery.
  • Class 4 – General Unsecured Claims – Receives 100% on plan recovery and 15 to 16% on liquidation recovery.
  • Class 5 – Intercompany Claims – Receives 0% or 100% on plan recovery and 0% on liquidation recovery.
  • Class 6 – Intercompany Interests – Receives 0% or 100% on plan recovery and 0% on liquidation recovery.
  • Class 7 – 510(b) Claims – Receives 0% on plan recovery and 0% on liquidation recovery.
  • Class 8 – REMA Interests – Receives 100% on plan recovery and 0% on liquidation recovery.

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The post GenOn Energy – Approves NRG REMA Disclosure Statement and Confirms Prepackaged Chapter 11 Plan appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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