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...

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