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: email@example.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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