July 19, 2018 / 10:03 PM / 8 months ago

Power producer New Mach Gen seeks court OK for bankruptcy exit plan

Power plant operator New Mach Gen LLC on Thursday called for a court order confirming its plan to emerge from its second bankruptcy in four years, which will hand one of its plants to lenders who will help reduce the company’s first-lien debt by about $95 million with a refinancing package.

New Mach Gen, based in The Woodlands, Texas, said in court papers arguing for confirmation that it had not received any formal objections to its plan, outlined when it sought Chapter 11 protection last month in U.S. Bankruptcy Court in Delaware.

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