Boston Generating: court confirms amended joint plan of liquidation

By Lisa Kerner

Charlotte, N.C., Aug. 31 - Boston Generating, LLC's second amended joint plan of liquidation was confirmed on Tuesday by the U.S. Bankruptcy Court for the Southern District of New York, according to a court filing.

As previously reported, all 81 holders of $63.38 million in first-lien facility secured claims, the one holder of $3,661 in class convenience claims and all 137 holders of $721.65 million in general unsecured claims voted to accept the plan last week.

The company's disclosure statement was approved in July.

Under the liquidation plan, all of Boston Generating's remaining assets will be transferred to a trust to be liquidated with the proceeds to be distributed to creditors.

Treatment of creditors will include:

• Holders of administrative expense claims, priority tax claims and other priority claims will be paid in full in cash;

• Holders of first-lien facility super-priority claims will receive net avoidance action proceeds, other super-priority proceeds and any cash remaining after payment in full of first-lien facility secured claims;

• Holders of first-lien facility secured claims will receive an adjusted cash amount and any available cash remaining after payment of priority claims;

• Holders of other secured claims will receive either the collateral securing their claims or another treatment that renders their claims unimpaired;

• Holders of general unsecured claims will receive any net avoidance action proceeds and super-priority proceeds remaining after payment of first-lien, priority and administrative claims, as well as any available cash remaining after payment of the priority claims; and

• Holders of intercompany claims, old equity and old equity rights will receive no distribution.

Boston Generating, a Charlestown, Mass., power company, filed for bankruptcy on Aug. 18, 2010. The Chapter 11 case number is 10-14419.

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