Edison Mission Energy and related companies in bankruptcy on Dec. 17 filed a second amended reorganization plan and disclosure statement as they work toward a Feb. 17 confirmation hearing on that plan.
The companies have been in Chapter 11 protection since December 2012 at the U.S. Bankruptcy Court for the Northern District of Illinois. The reorganization plan is based around a planned sale of most assets to NRG Energy (NYSE: NRG), including several coal-fired power plants in Illinois.
The sale would be to NRG Energy Holdings, a subsidiary of NRG Energy, which is the largest competitive power generation company in the U.S., with approximately 47,000 MW of fossil, nuclear, solar, and wind generation capacity. In exchange for this transfer, NRG will provide EME’s estate with the sale proceeds of $2.635bn (comprised of $2.285bn payable in cash and $350m payable in parent common stock).
The creditor voting deadline for the reorganization plan is Jan. 29, with a confirmation hearing on Feb. 17.
EME’s operating projects primarily consist of coal- and gas-fired facilities and wind energy facilities. EME’s subsidiaries and affiliates own or lease interests in 42 operating projects with an aggregate net physical capacity of 9,358 MW of which EME’s pro rata share was 7,935 MW.