NRG Energy unit GenOn files for bankruptcy

Jun. 14, 2017 9:09 AM ETNRG Energy, Inc. (NRG)NRGBy: Carl Surran, SA News Editor3 Comments
  • NRG Energy (NYSE:NRG) unit GenOn Energy files for chapter 11 protection to cut $1.8B in debt and settle accusations that the parent company plundered more than $520M from the subsidiary, WSJ reports.
  • The proposed plan would release NRG from liability in exchange for a $243M cash payment while placing control of GenOn in the hands of its creditors; GenOn lists $2.44B in assets and $2.1B in debts in its petition filed with the U.S. Bankruptcy Court in Houston.
  • NRG, which purchased GenOn in 2012 for $1.7B, proposed last month to place the subsidiary under chapter 11 bankruptcy protection.

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