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GenOn Energy Bankruptcy Extension Approved

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The U.S. Bankruptcy Court approved GenOn Energy’s second motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including December 14, 2018 and February 14, 2019, respectively.

The extension motion explains, “The Confirmation Order highlights numerous items necessary for the successful execution and implementation of the Plan, including the NRG Settlement Agreement, the GenMA Settlement Agreement, and the consummation of certain Third-Party Sale Transactions and other transactions contemplated by the RSA, among others. The Debtors continue to work in good faith to implement each of the foregoing….The Debtors have not only made significant progress toward reorganization, but, in fact, have taken substantial steps towards achieving significant milestones required before emergence, as contemplated in the RSA, Confirmation Order, and Plan.”

In addition, “Nonetheless, given that the Plan has not yet become effective, cause exists to extend the Exclusivity Periods out of an abundance of caution. The Debtors submit that an extension to the statutory limit on the Exclusivity Periods is appropriate. The date on which the Plan will go effective is difficult to predict, and the relief requested will prevent successive motion practice.”

Read more GenOn Energy bankruptcy news.