Oct 1 Dynegy Inc said on Monday that it has emerged from Chapter 11, less than a month after the power producer said it won court approval of its bankruptcy plan.
The company will have approximately $800 million in liquidity in the form of cash and will have eliminated more than $4 billion in debt through the Chapter 11 process, the company said in a statement.
Creditors of Dynegy Inc and its Dynegy Holdings LLC unit had voted overwhelmingly in favor of their joint bankruptcy reorganization plan.
Dynegy Holdings filed for protection from creditors last Nov. 7, burdened by costly power plant leases and amid a dispute over whether its parent had acted properly two months earlier in taking about $1.25 billion of its coal-powered plant assets. [ID : nL2E8K5D73]
Dynegy Inc, which will have approximately 100 million shares outstanding after the reorganization, is expected to begin trading on the New York Stock Exchange on Oct. 3 under the symbol "DYN".