Bankrupt Power Co. Cleared To Spin Off Plant, Cut $95M Debt

Law360 (July 23, 2018, 8:18 PM EDT) -- Talen Energy affiliate New Mach Gen LLC secured confirmation of its prepackaged Chapter 11 without a single short circuit Monday, gaining clearance for a plan to spin off one of its three power plants to a lender and reduce the remaining company's debt load by $95 million.

No objections were filed to the prepackaged plan, approved by all those eligible to vote before the case was filed in Delaware bankruptcy court on June 11.

U.S. Bankruptcy Judge Mary F. Walrath confirmed the proposal "based on the record and the overwhelming support by the voting classes and the lack of any objections."...

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