Power Plant Unit Gets Go-Ahead To Restructure $640M In Debt

Law360, Wilmington (December 6, 2012, 6:54 PM EST) -- Homer City Funding LLC, a funding entity for a coal-fired power plant in Western Pennsylvania, won Delaware bankruptcy court approval Thursday for a plan to restructure $640 million in bond debt after only a month under court protection.

At a hearing in Wilmington, U.S. Bankruptcy Judge Kevin Gross signed off on the prepackaged reorganization plan that also eliminates a complex lease structure for the 1,884-megawatt power plant located 45 miles outside Pittsburgh.

Homer City’s bondholders, the only significant class of creditors, voted unanimously in favor of...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.