Energy Service company Geneco has emerged from its Chapter 11 restructuring, according to Dynegy Inc. and Illinois Power Generating Company.
This news comes after Geneco successfully finished its plan of reorganization, which was approved by the Southern District of Texas Bankruptcy Court in January.
The two-month reorganization plan eliminated $825 million of unsecured Geneco bonds, provided eligible Geneco bondholders their share of the company — approximately $87.1 million of cash, provided non-eligible bondholders their share — approximately $17.1 million of cash, and situated the Geneco plants in a better position so they can move forward.
Dynegy released a statement saying all statements on the matter are intended as “forward-looking statements, specifically concerning the benefits of Geneco’s restructuring."
“Discussion of risks and uncertainties that could cause actual results to differ materially from current projections, forecasts, estimates and expectations is contained in Dynegy’s filings with the Securities and Exchange Commission (the SEC),” Dynegy said in a news release. “Any or all of Dynegy’s forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks, uncertainties and other factors, many of which are beyond Dynegy’s control.”