Edison Mission Energy seeks seven-month extension of exclusive periods

By Jim Witters

Wilmington, Del., Oct. 21 - Edison Mission Energy is seeking a seven-month extension of its exclusive periods for filing a Chapter 11 plan and for soliciting plan acceptances to provide time "to allow for the debtors' restructuring to be completed," according to an Oct. 18 filing with the U.S. Bankruptcy Court for the Northern District of Illinois.

The company says its proposed plan sponsor agreement "provides an outline for a Chapter 11 plan supported by all of the debtors' major stakeholders - including NRG Energy, Inc., the official committee of unsecured creditors, a group of holders of over 45% of the amount of EME's senior unsecured notes and a group of stakeholders with interests in the Powerton-Joliet leveraged leases and related agreements," the filing states.

Edison plans to file a plan by Nov. 15.

As previously reported, NRG has agreed to acquire substantially all of Edison Mission's assets, including its equity interests in some subsidiaries, for a total purchase price of $2,635,000,000.

The debtors want the exclusive period for filing a Chapter 11 plan extended through the earlier of June 17, 2014 or 30 days after the termination of its plan sponsor agreement.

Edison wants the exclusive period for soliciting votes extended through the earlier of Aug. 17, 2014 or 30 days after termination of the plan sponsor agreement.

Currently, the exclusive filing period ends Nov. 7, and the exclusive solicitation period ends Jan. 6.

A hearing on the request is scheduled for 9 a.m. ET on Oct. 24.

Edison Mission, a Santa Ana, Calif.-based owner, operator and leaser of a portfolio of electric generating facilities, filed for bankruptcy on Dec. 17, 2012. Its Chapter 11 case number is 12-49219.

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