Funds Seek To Block Dynegy's $1.7B Restructuring Plan

Law360, New York (July 21, 2011, 10:15 PM EDT) -- A group of funds hit Dynegy Inc.'s holding company with a breach of contract suit in New York Thursday, seeking to block the Houston-based energy provider from implementing a $1.7 billion restructuring plan that would allegedly undercut its ability to meet obligations detailed under a guarantee agreement.

LibertyView Credit Opportunities Fund LP and related entities bought pass-through certificates from Dynegy in 2001 to finance a sale-leaseback transaction involving two power-generating facilities in Newburgh, N.Y., the suit says. The funds picked up the certificates for $30 million...
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