Dynegy Bankruptcy News


Following Dynegy's chapter 11 filing, Dynegy Bankruptcy 
News is now in print and a free copy of Issue No. 1 is 
available at:

     http://bankrupt.com/dyn001.txt

Dynegy Holdings LLC, Dynegy Inc.'s direct, wholly owned
subsidiary, elected not to make a $43.8 million
semi-annual interest payment due Nov. 1, 2011, on DH's
8.375% Senior Unsecured Notes due 2016.  The indenture
governing the 2016 Notes provides that the failure to
make such payment constitutes an event of default after
a 30-day cure period.  This missed interest payment
will not trigger any significant cross-default
provisions associated with other outstanding DH debt
prior to the expiration of the cure period.  During
such cure period, Dynegy will continue to evaluate
options to manage DH's debt load and is engaged in
discussions with certain significant holders of DH's
debt regarding those options.

On Nov. 3, Dynegy terminated offers to exchange up to
$1.25 billion of Holdings' debt for new 10% Senior
Secured Notes due 2018 and cash due to lack of
bondholder interest.

After hiring White & Case LLP for legal advice and turning
to Lazard Freres & Co. LLC for financial advisory services
in April 2011, the secret was out that Dynegy Holdings, Inc.,
Dynegy, Inc., and some of their affiliates would probably file 
chapter 11 petitions to obtain protection from their creditors 
under chapter 11 of the U.S. Bankruptcy Code.  When Dynegy
took that step, Bankruptcy Creditors' Service, Inc., launched
publication of DYNEGY BANKRUPTCY NEWS.

Like BCSI's other case-specific newsletters tracking the
largest corporate restructuring proceedings, DYNEGY
BANKRUPTCY NEWS will be distributed to paying subscribers by
electronic mail.  New issues will be published on an ad hoc
basis as significant activity occurs (generally every 10 to
20 days) in the Debtor's cases.  The subscription rate will
be US$45 per issue.
 
Newsletters are delivered via e-mail; invoices, transmitted
following publication of each newsletter issue, arrive by
fax. Re-mailing of DYNEGY BANKRUPTCY NEWS is prohibited.  
Distribution to multiple individuals at the same firm is
provided at no additional charge; folks outside of your firm
should set-up and pay for their own subscriptions.  
Subscriptions may be canceled at any time without further
obligation.
 
To receive a free copy of the first issue of DYNEGY
BANKRUPTCY NEWS, if any when the newsletter is published,
send your request to:

                Bankruptcy Creditors' Service, Inc.
                572 Fernwood Lane
                Fairless Hills, PA 19030
                Telephone (215) 945-7000
                E-mail: peter@bankrupt.com
 
We have published similar newsletters tracking
billion-dollar insolvency proceedings since 1990, starting
with Federated Department Stores.  Currently, we provide
similar coverage about most billion-dollar corporate
restrucutring proceedings.

We also co-publish the TROUBLED COMPANY REPORTER, tracking
more than 3,000 experiencing financial distress or
restructuring their balance sheets in a judicial proceeding.  
You can request a free 30-day trial subscription to the
TROUBLED COMPANY REPORTER at http://bankrupt.com/freetrial/.

Updated: Jan. 19, 2011
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