Dynegy Inc. (NYSE: DYN) and Dynegy Holdings LLC on August 27 said their creditors voted in support of their joint Plan of Reorganization, with creditors holding approximately $3.5 billion of claims, or over 99 percent of the value of claims that voted, approving the plan. Dynegy said a hearing to consider confirmation of the plan of reorganization is scheduled for September 5, 2012. Dynegy and Dynegy Holdings LLC expect to emerge from bankruptcy shortly after confirmation of the plan.
Upon emergence from bankruptcy, the company proposes to have a seven member Board of Directors. The proposed new directors have been named by a selection committee appointed by the company’s creditors. The Board appointments will be effective upon the company’s emergence from chapter 11.
Dynegy President and Chief Executive Officer Robert C. Flexon is proposed to remain on the board. The remaining slate of proposed directors consists of Pat Wood III as chairman, and Hilary E. Ackermann, Paul Barbas, Richard Kuersteiner, Jeffrey S. Stein, and John R. Sult.
Dynegy Inc.’s subsidiaries produce and sell electric energy, capacity and ancillary services in key U.S. markets. The Dynegy Power LLC power generation portfolio consists of approximately 6,771 MW of primarily natural gas-fired intermediate and peaking power generation facilities. The Dynegy Midwest Generation LLC portfolio consists of approximately 3,132 MW of primarily coal-fired, baseload power plants, and a separate portfolio consists of approximately 1,693 MW from two power plants which are primarily natural gas-fired peaking and baseload coal generation facilities.
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