Power Generator MACH Gen Seeks Ch. 11 To Slash $1B In Debt

Law360, Wilmington (March 4, 2014, 1:28 PM EST) -- Power generating company MACH Gen LLC and several affiliates filed for Chapter 11 protection late Monday in Delaware, with a prepackaged plan featuring a debt-for-equity swap for second-lien lenders that the company says will slash $1 billion from its $1.6 billion in debt.

In filings with the Delaware bankruptcy court, MACH Gen said its unaudited balance sheets from Dec. 31 indicated roughly $750 million in assets against about $1.6 billion in liabilities.

MACH Gen owns and manages three natural-gas-fired power plants located in Arizona, Massachusetts and...
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