DYNEGY INC. (NYSE:DYN) Files An 8-K Bankruptcy or Receivership
Item1.03 Bankruptcy or Receivership.
On December9, 2016,Illinois Power Generating Company
(Genco or the Debtor) filed a voluntary
petition (the Bankruptcy Petition) for reorganization
under Chapter 11 of the United States Bankruptcy Code (the
Bankruptcy Code) (the Chapter 11 Case) in the
United States Bankruptcy Court for the Southern District of
Texas, Houston Division (the Court). The Debtor will
continue to operate its businesses as debtor-in-possession under
the jurisdiction of the Court and in accordance with the
applicable provisions of the Bankruptcy Code and orders of the
Court.
Genco has asked the Court for authority for standard and
customary first day relief to continue its operations in the
ordinary course during the restructuring process. Illinois Power
Marketing Company (including Homefield Energy) and Dynegy Energy
Services are not a part of the filing.
This Form8-K is not a solicitation to accept or reject the
proposed plan of reorganization referred to herein or an offer to
sell or a solicitation to buy any securities of Dynegy Inc.
(Dynegy) or the Debtor.
Item2.04 Triggering Events That
Accelerate or Increase a Direct Financial Obligation or an
Obligation Under an Off-Balance Sheet Arrangement.
The filing of the Chapter 11 Case described in Item 1.03 above
constitutes or may constitute an event of default or otherwise
triggers or may trigger repayment obligations under the express
terms of certain instruments and agreements relating to direct
financial obligations of the Debtor or obligations under
off-balance sheet arrangements (the Debt Documents). As a result
of such an event of default or triggering event, all obligations
under the Debt Documents, by the terms of the Debt Documents,
have or may become due and payable, subject to the provisions of
the Bankruptcy Code. The Debtor believes that any efforts to
enforce such payment obligations against the Debtor under the
Debt Documents are stayed as a result of the filing of the
Chapter 11 Case in the Court. The material Debt Documents are the
Debtors outstanding 7.00% Senior Notes, SeriesH, due 2018, 6.30%
Senior Notes, SeriesI, due 2020 and 7.95% Senior Notes, SeriesF,
due 2032 (collectively, the Genco Notes), in the
outstanding aggregate principal amount of $825.0 million, issued
under the Indenture dated as of November1, 2000, as supplemented
by the Fourth Supplemental Indenture, dated as of January15,
2003, the Sixth Supplemental Indenture, dated as of July7, 2008
and the Seventh Supplemental Indenture, dated as of November1,
2009, in each case, between Genco and The Bank of New York Mellon
Trust Company, N.A., as trustee.
Item7.01
RegulationFDDisclosure.
On December9, 2016, in connection with the filing of the
Bankruptcy Petition, Dynegy and Genco issued a press release
announcing that they received the requisite accepting votes in
favor of a prepackaged plan of reorganization for Genco, that
Genco subsequently filed the Chapter 11 Case, and that the
previously announced exchange offer with respect to the Genco
Notes was terminated because the requisite participation
threshold of 97% of the outstanding principal amount of Genco
Notes was not satisfied. A copy of the press release is furnished
with this Current Report as Exhibit99.1 hereto and the press
release is incorporated herein by reference in its entirety.
to General Instruction B.2 of Form8-K and Securities and Exchange
Commission Release No.33-8176, the information contained in the
press release furnished as Exhibit99.1 hereto shall not be deemed
filed for purposes of Section18 of the Securities Exchange Act of
1934, as amended, is not subject to the liabilities of that
section and is not deemed incorporated by reference in any filing
under the Securities Act of 1933, as amended, except as shall be
expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and
Exhibits.
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Exhibit No. |
|
Document |
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99.1 |
Press release dated December9, 2016 |
About DYNEGY INC. (NYSE:DYN)
DYNEGY INC. (NYSE:DYN) Recent Trading Information
DYNEGY INC. (NYSE:DYN) closed its last trading session up +0.77 at 8.98 with 13,547,139 shares trading hands.