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GenOn looks to market assets, interests along with plan transactions
By Caroline Salls
Pittsburgh, Sept. 1 – GenOn Energy, Inc. asked the U.S. Bankruptcy Court for the Southern District of Texas to approve a process for the marketing of some or all of its assets or equity interests, according to a motion filed Thursday.
As previously reported, GenOn filed its Chapter 11 cases under a restructuring support agreement with non-debtor parent NRG Energy, Inc. and holders of more than 90% in principal amount of the pre-bankruptcy unsecured notes issued by GenOn Energy and GenOn Americas Generation, LLC.
“The RSA remains in effect, and the debtors remain committed to pursuing the restructuring transactions necessary to implement it,” the motion said.
However, the company said it has been seeking a path that best maximizes the value of its estates.
“The debtors, in consultation with their other stakeholders, have determined that certain strategic sale transactions, whether for some or all of the debtors’ assets or equity interests, may enhance value,” the motion said.
GenOn said the proposed marketing process will move forward on a dual track, along with execution of the support agreement transactions and its proposed plan of reorganization.
Under the proposed marketing process, phase one bids would be due by noon ET on Sept. 28. The final bid deadline will be a yet-to-be-determined date in November.
The company said it is currently targeting Nov. 8 as the date for entering into definitive documentation related to the completion of any transaction.
GenOn, a Princeton, N.J.-based power producer, filed for bankruptcy on June 14 in the U.S. Bankruptcy Court for the Southern District of Texas. The Chapter 11 case number is 17-33695.
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