GE-Owned Coal Plant Operator Homer City Hits Ch. 11

Law360, Wilmington (January 11, 2017, 2:03 PM EST) -- GE Capital-owned power plant operator Homer City Generation LP filed an expected petition for Chapter 11 protection Wednesday in Delaware, detailing a prepackaged bankruptcy plan that aims to slash some $600 million in note debt by swapping it out for equity in a reorganized company.

In a statement, Homer City said that its restructuring support agreement has the support of 86 percent of the company’s secured noteholders, which makes up the bulk of its liabilities, and that trade and other unsecured debt is expected to be...
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