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Illinois Power Generating Bankruptcy Plan Effective & Summarized

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Illinois Power Generating Company’s Prepackaged Chapter 11 Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on January 25, 2017.

BankruptcyData’s detailed Plan Summary notes, “The Liquidation Analysis for Reorganized Illinois Power estimates the Net Realizable Liquidation Proceeds to be between $161.5 million and $195.4 million. The recovery rate to the Total Secured Claims is estimated to be 100%. The recovery rate to Total Unsecured Claims is estimated to be 16% to 20%.” BankruptcyData’s Summary also explains that under the Plan, “Other Priority Claims, Secured Claims and General Unsecured Claims will be paid in full or otherwise will be satisfied in full, for a 100% rate of recovery. Noteholder Claims will receive its pro rata share of the Cash Consideration, New Dynegy Notes, and New Dynegy Warrants, for a 39% rate of recovery. All Equity Interest will be reinstated on the Effective Date.”

A corporate release notes that the Plan eliminates $825 million of unsecured Genco bonds and  provided participating eligible Genco bondholders their share (across all noteholders) of approximately $181.7 million of 8.034% new Unsecured Senior Notes due 2024 issued by Dynegy with covenants that are substantially similar to Dynegy’s existing 5.875% Senior Notes due 2023, 8.6 million seven-year warrants issued by Dynegy that are each exercisable into one share of Dynegy common stock for an exercise price of $35.00 and $87.1 million of cash. This power generation facility operator filed for Chapter 11 protection on December 9, 2016, listing $1.2 billion in pre-petition assets.

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The post Illinois Power Generating Bankruptcy Plan Effective & Summarized appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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