Key Developments: Dynegy Inc (DYN.N)
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Latest Key Developments (Source: Significant Developments)
Dynegy Inc Reaffirms FY 2013 EBITDA Guidance-Conference Call
Dynegy Inc announced that for fiscal 2013, it expects total segment adjusted EBITDA range of $340 million to $365 million. Full Article
Dynegy Inc Completes Sale of Roseton Power Plant
Dynegy Inc announced that it has completed the sale of its Roseton power generation facility (Roseton) to a subsidiary of Castleton Commodities International LLC (CCI). A U.S. Bankruptcy Court-supervised auction sales process for the Roseton power generation facility located near Newburgh, New York was conducted in late 2012. Roseton was sold to CCI for $19.5 million in cash, subject to certain adjustments specified in the Asset Purchase Agreement, and CCI`s assumption of certain liabilities, including tax liabilities. The sales proceeds will be distributed in accordance with the terms of the relevant agreements, including the plan of liquidation approved by the U.S. Bankruptcy Court. CCI and Dynegy received the necessary regulatory approvals for the sale from the Federal Energy Regulatory Commission and the New York Public Service Commission. These approvals were a condition for closing the sales. Dynegy was advised on the transaction by Sidley Austin LLP and Blackstone Advisory Partners L.P. Full Article
Dynegy Inc's Illinois Power Holdings, LLC Announces Acquisition Of Ameren Corp's Subsidiary
Dynegy Inc and Ameren Corp announced they have signed a definitive agreement under which Dynegy`s subsidiary Illinois Power Holdings, LLC (IPH) will acquire Ameren`s subsidiary, Ameren Energy Resources (AER) and its subsidiaries Ameren Energy Generating Company (Genco), AmerenEnergy Resources Generating Company (AERG), and Ameren Energy Marketing Company (AEM). Upon closing, Dynegy will own more than 8,000 megawatts (MW) of generating capacity in Illinois, and nearly 14,000 MW nationally. The AER retail and marketing businesses and the following plants are included in the transaction: Duck Creek, Coffeen, E.D. Edwards, Newton, and Joppa. Dynegy and Ameren expect to close the transaction during the fourth quarter of 2013. Dynegy`s financial advisor for this transaction is Lazard. Financial terms of the transaction were not disclosed. Full Article
Dynegy Inc Issues FY 2013 EBITDA Guidance Above Analysts' Estimates-Conference Call
Dynegy Inc announced that for fiscal 2013, it expects total segment adjusted EBITDA range of $340 million to $365 million. According to I/B/E/S Estimates, analysts are expecting the Company to report EBITDA of $338 million for fiscal 2013. Full Article
Dynegy Inc Emerges From Chapter 11
Dynegy Inc announced that it has successfully completed its Chapter 11 reorganization and emerged from bankruptcy on October 1, 2012. The Company will have approximately $800 million in liquidity in the form of cash (restricted and unrestricted) and letter of credit capacity available to support the Company’s post emergence operations and commercial activities and this, along with the elimination of over $4 billion debt through the Chapter 11 process, gives Dynegy one of the strongest balance sheets in the independent power producers sector. The common stock and warrants to purchase common stock for the reorganized Company are expected to be listed with and begin trading on the New York Stock Exchange on October 3, 2012 under the symbols DYN and DYNw, respectively. The reorganized Company will have approximately 100 million shares outstanding Full Article
Court Approves Dynegy Inc's Chapter 11 Bankruptcy Plan-Reuters
Reuters reported that Dynegy Inc has won court approval of its bankruptcy plan and expects to emerge from Chapter 11 by October 1, capping a reorganization marked by allegations of fraud and favoritism. The plan was approved by U.S. Bankruptcy Judge Cecelia Morris in Poughkeepsie, New York, Dynegy spokeswoman Katy Sullivan said. It calls for a combination of Houston-based Dynegy and its Dynegy Holdings unit into a new company led by current Chief Executive Robert Flexon, and in which creditors would take a 99% stake. Shareholders would get a claim for the other 1%, plus warrants that could boost their stake to 13.5% in five years. Unsecured creditors would recover 59 cents to 89 cents on the dollar, and existing shareholders would recover nothing. Dynegy Holdings filed for protection from creditors last November 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. Full Article
Dynegy Inc. Files Voluntary Petition To Reorganize Under Chapter 11; Sets Stage For Merger With Dynegy Holdings, LLC
Dynegy Inc. announced that it has filed a voluntary petition to reorganize under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York, Poughkeepsie Division. The Chapter 11 case of Dynegy’s wholly-owned subsidiary, Dynegy Holdings, LLC is pending in the same court. The filing was made to facilitate the implementation of the transactions contemplated under the Amended and Restated Settlement Agreement entered into, by and among Dynegy, Dynegy Holdings, and certain Dynegy Holdings Debtors and the primary creditor constituencies in the Dynegy Holdings Chapter 11 case. Among other things, the settlement, which has already been approved by the court, provides for Dynegy and Dynegy Holdings to merge and for the administrative claim granted to Dynegy in the Dynegy Holdings Chapter 11 case to be transferred out of Dynegy for the benefit of its shareholders. Both of these matters are the subject of a pending motion in Dynegy Holdings’ case. Subject to obtaining additional relief from the court in Dynegy’s case, the filing will also permit the solicitation of votes on the Companies’ joint Chapter 11 plan to commence. It is contemplated that upon completion of the merger, Dynegy Inc. will be the surviving entity. All assets will then be held under a single holding company, thus eliminating a layer from the corporate structure. Dynegy is represented by White & Case LLP and advised by Lazard Frères & Co. LLC. Full Article
Dynegy Inc. Announces Agreement In Principle With Key Dynegy Holdings Creditors To Settle All Disputes
Dynegy Inc. announced that it has reached an agreement in principle with creditors holding over $2.5 billion of claims against Dynegy's subsidiary, Dynegy Holdings, LLC (DH). The agreement in principle contemplates the resolution of all disputes, claims and causes of action between DH and Dynegy. The terms of the agreement in principle will be implemented through a settlement agreement to be filed in DH's Chapter 11 case, and in amendments to DH's Chapter 11 plan, which would be subject to a formal creditor vote and confirmation by the bankruptcy court. Under the agreement in principle, DH's unsecured creditors would receive common equity in the reorganized company in lieu of the new senior secured notes and preferred stock contemplated by the current plan; the cash to be distributed to creditors under the revised plan would be reduced to $200 million; and all disputes relating to the Roseton and Danskammer leases would be resolved by awarding US Bank, as trustee for the trust certificates issued in connection with the leases (the Lease Notes), a fixed allowed unsecured claim. Parties to the proposed agreement include an ad hoc group of holders of DH's senior notes, PSEG, US Bank and certain holders of the Lease Notes. The agreement in principle does not include any holders of DH's $200 million of subordinated capital income securities due 2027 (the Subordinated Notes). Full Article
Law Firm of Levi & Korsinsky Notifies Investors With Losses on Their Investment in Dynegy Inc. of Class Action
Levi & Korsinsky announced that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased Dynegy Inc. stock between September 2, 2011 and March 9, 2012 (the Class Period). The complaint alleges that defendants made materially false and misleading statements and failed to disclose materially adverse information about the Company's business and operations. In particular, the complaint alleges that the Company knew or recklessly failed to inform investors that Dynegy's wholly-owned subsidiary fraudulently transferred direct ownership in one of Dynegy's indirectly owned subsidiaries to the Company. On March 9, 2012, a bankruptcy-court examiner disclosed that Dynegy improperly acquired direct ownership of the indirectly owned subsidiary through a fraudulent transfer. According to an article in The Wall Street Journal, this 'asset reshuffling' specifically 'benefited billionaire Carl Icahn and other shareholders at the expense of creditors'. Upon this news, Dynegy stock fell approximately 35% below the closing price of the previous day. Full Article
Faruqi & Faruqi, LLP Files Class Action Lawsuit Against Dynegy Inc.
Faruqi & Faruqi, LLP announced that it has filed a class action lawsuit in the United States District Court for the Southern District of New York, case no. 12 Civ. 2307, on behalf of all persons who purchased Dynegy Inc. common stock between September 2, 2011 and March 9, 2012 inclusive (the Class Period). Dynegy, Dynegy's Chief Executive Officer Robert Flexon, Dynegy's Chief Financial Officer Clint Freeland and Carl C. Icahn are charged with violations of Section 10(b) and/or 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that defendants knew or recklessly failed to inform investors that Dynegy's wholly-owned subsidiary fraudulently transferred direct ownership in one of Dynegy's indirectly owned subsidiaries directly to Dynegy. On March 9, 2012, a bankruptcy examiner disclosed that Dynegy improperly acquired direct ownership of the indirectly owned subsidiary through a fraudulent transfer. This news caused Dynegy stock to drop approximately 35% by the close of the business day. Plaintiff now seeks to recover damages on behalf of himself and all other individual and institutional investors who bought Dynegy stock between September 2, 2011 and March 9, 2012, excluding defendants and their affiliates. Full Article
Castleton acquires NY power plant from Dynegy
NEW YORK, May 1 - Commodity trading merchant Castleton Commodities International LLC (CCI) said on Wednesday it had completed the purchase of a 1,210 megawatt (MW) natural gas and fuel oil-fired electric power plant from Dynegy.
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