By Editors of Power Engineering
Illinois Power Generating Company, also known as Genco, has emerged from Chapter 11 restructuring thanks to approval by the Southern District of Texas Bankruptcy Court.
Genco, an indirect, wholly-owned subsidiary of Dynegy, announced the reorganization eliminated $825 million in unsecured bonds and provided bondholders of new notes, warrants and cash, reduced annual interest expenses by $45 million, simplified Dynegy’s capital and organizational structure and situated the Genco plants in a stronger competitive position.
Genco debt holders approved the restructuring in October.
Dynegy purchased Genco from Illinois power company Ameren in March 2013.