Dynegy bankruptcy examiner faults company dealings
March 9 (Reuters) - A court-appointed examiner investigating the bankruptcy of Dynegy Holdings LLC said on Friday that the company had improperly moved assets related to coal-powered plants to its nonbankrupt parent, Dynegy Inc , hurting creditors.
The examiner, Susheel Kirpalani, nonetheless said a bankruptcy judge could confirm a Chapter 11 plan for Dynegy Holdings, but that the coal assets should be deemed the property of that holding company's bankruptcy estate rather than power producer Dynegy Inc.
Dynegy Holdings filed for Chapter 11 protection on Nov. 7, hoping to restructure more than $4 billion of debt. Bondholders objected to the restructuring, saying they would suffer losses while shareholders including billionaire financier Carl Icahn and the Seneca Capital hedge fund would be protected.
- Tweet this
- Share this
- Digg this
- Malaysia Airlines plane missing at sea off Vietnam, presumed crashed
- Hollywood blockbuster 'Noah' faces ban in Arab world
- IndiGo plane evacuated after rear wheel catches fire in Nepal
- CORRECTED-UPDATE 4-Malaysia Airlines plane crashes in South China Sea with 239 people aboard - report
- UPDATE 3-U.S. FDA probes cognitive impact of new cholesterol drugs
PLANE GOES MISSING
A Malaysia Airlines flight carrying 227 passengers and 12 crew went missing over the South China Sea on Saturday, presumed crashed, as ships and planes from countries closest to its flight path scoured a large search area for any wreckage. Full Article