Power plant operator Longview Power files for bankruptcy
Aug 30 (Reuters) - Longview Power LLC filed for Chapter 11 bankruptcy along with certain of its affiliates, a court filing showed, as the U.S. power plant operator aims to restructure its debts to gain financial and operational flexibility.
Longview Power, majority-owned by First Reserve Corp, a private investment firm, listed liabilities and assets of more than $1 billion, a court filing showed.
"The company has been in consensual negotiations with our senior lenders toward a Chapter 11 plan to maximize value. We remain confident that the company and our lenders will reach an agreement on the terms of a Chapter 11 plan in the near term," Chief Executive Jeffery Keffer said.
Longview said there will be no interruption to its business and employees will not be affected by the Chapter 11 filing.
Longview Power's coal-fired facility in Maidsville, West Virginia, has a capacity to generate about 700 megawatts of electrical power.
The company has engaged Lazard Ltd as its investment banker and Alvarez & Marsal North America LLC as its restructuring advisor.
Longview is represented by Kirkland & Ellis LLP, as primary restructuring counsel, and Dentons US LLP for all issues related to company's pending arbitration proceedings.
The case is in re Longview Power LLC, Case No. 13-12211, U.S. Bankruptcy Court, District of Delaware.