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GE-Owned Plant Operator Heads For Ch. 11 Amid $600M Debt

Law360, New York (January 10, 2017, 3:07 PM EST) -- GE Capital-owned power plant operator Homer City Generation LP said Tuesday that it will soon enter Chapter 11 bankruptcy to execute a debt-for-equity swap with noteholders that will deleverage the company's balance sheet by more than $600 million.

Homer City, which had managed to avoid debt payment default in October, said that approximately 86 percent of senior secured noteholders have since agreed to the restructuring agreement. An operator of a 1,884-megawatt coal-fired plant, Homer City said that it expects to file a prepackaged Chapter 11 petition...
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