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Business
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Title: Houston power company files for bankruptcy
Source: Daily Job Cuts
URL Source: http://www.bizjournals.com/houston/ ... pany-files-for-bankruptcy.html
Published: Dec 15, 2016
Author: Joshua Mann
Post Date: 2016-12-15 07:50:18 by U don't know me
Keywords: None
Views: 294

Houston power company files for bankruptcy Dec 14, 2016, 2:49pm CST Updated Dec 14, 2016, 3:00pm CST Joshua Mann Reporter Houston Business Journal

Houston-based Illinois Power Generating Co., a subsidiary of Dynegy Inc. (NYSE: DYN), has filed for Chapter 11 bankruptcy with a prepackaged restructuring plan.

Illinois Power Generating Co., also called Genco, reported $970.41 million in debts and $450.14 in assets, according to a filing it made with the Southern District of Texas bankruptcy court. Illinois Power Generating Co. has nearly $1 billion in debts going into the restructuring. Enlarge

Illinois Power Generating Co. has nearly $1 billion in debts going into the restructuring.

Genco intends to continue its business operations through the course of the restructuring, it said in a press release.

Chapter 11 bankruptcy allows Genco to negotiate with its creditors to restructure its debts in a way that is more manageable without necessarily having to sell assets. That’s as opposed to Chapter 7 bankruptcy, wherein the company’s assets are sold off to pay back its lenders.

Genco is based at 601 Travis Street in downtown Houston.

Genco was originally Ameren Energy Resources before Dynegy acquired the subsidiary from Ameren Corp. in 2013.

Dynegy recently closed on the sale of its interest in a joint-venture power plant in Elwood, Illinois, in order to help pay for its acquisition of the remaining interest in Atlas Power, another joint venture.

Dynegy is the 58th-largest Houston-based public company, based on its $2.5 billion in revenue in 2014, according to Houston Business Journal research. Dynegy employs about 1,700 people.

The company was not immediately available for comment.

Joshua Mann covers energy for the Houston Business Journal.

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