Dynegy Holdings Aims for September Exit from Chapter 11
by: Andrew Schneider, July 6, 2012 10:07:00 am
Dynegy Holdings is hoping to exit Chapter 11 bankruptcy sometime in September. Creditors will have until August 24 to vote on the reorganization plan or file objections. Katy Sullivan is a spokesperson for Dynegy.
"Any restructuring of this magnitude is really a marathon effort and has required the focus and dedication of our employees, both here in Houston and in our power plants around the country."
Barbara Shook is a senior reporter for Energy Intelligence Group. She says Dynegy will still face a hard struggle to survive.
"Dynegy is a mere shadow of its former self. Power generation is really its only business, and that’s a cutthroat business these days, especially for companies that have very many coal-fired plants."
At its height as an energy trading firm, Dynegy had an annual revenue of several billion dollars. Energy trading is now dominated by banks and major oil companies. Dynegy Holdings filed for bankruptcy in November of last year.