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GenOn: NRG REMA soliciting votes for prepackaged reorganization plan
By Wendy Van Sickle
Columbus, Ohio, Oct. 11 – GenOn Energy, Inc. said indirect subsidiary NRG REMA LLC launched a solicitation of votes for a prepackaged Chapter 11 plan of reorganization, according to a press release issued Thursday evening.
As disclosed in GenOn’s current report filed with the U.S. Securities and Exchange Commission on Oct. 2, REMA has entered into restructuring support agreements with some of its key stakeholders “and is launching the plan with strong support from a majority of its creditors,” according to the release.
Under the restructuring agreement, the prepackaged Chapter 11 plan of reorganization is supported by REMA, the independent directors of both GenOn and of REMA, more than 90% of holders of REMA’s series C pass-through trust certificates due 2026, Public Service Enterprise Group and the steering committee of GenOn noteholders.
REMA expects to begin voluntary Chapter 11 bankruptcy cases in the United States Bankruptcy Court for the Southern District of Texas to implement the plan of reorganization soon after the solicitation process is complete and it receives votes sufficient to confirm the plan.
REMA anticipates completing its restructuring during the fourth quarter of 2018, according to the release.
Its legal adviser in connection with the restructuring is Kirkland & Ellis LLP. Alvarez & Marsal North America, LLC serves as its financial adviser.
GenOn, a Princeton, N.J.-based power producer, filed for bankruptcy on June 14, 2017. The Chapter 11 case number is 17-33695. NRG REMA is involved in the ownership and operation of, and contracting for power generation capacity in the United States.
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