Talen Energy Hits Ch. 11 With Deal To Cut $3.2B In Debt
By Rick Archer (May 10, 2022, 10:43 AM EDT) -- Power generator Talen Energy Supply filed for Chapter 11 in a Texas bankruptcy court Tuesday, saying rising natural gas prices led it to seek an agreement with its creditors for a recapitalization aimed at cutting $3.2 billion of its $4.4 billion in funded debt.
Power generator Talen Energy Supply filed for Chapter 11 protection in Texas on Tuesday. (AP Photo/Matthew Brown)
The restructuring support agreement also includes $1.76 billion in debtor-in-possession financing and $1.65 billion in new equity investments for the Texas-based company, it said.
"By restructuring TES' balance sheet through an in-court process, we will create a strong capital structure...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!