Dynegy Holdings operating debtors receive OK for exclusivity extension

By Caroline Salls

Pittsburgh, Aug. 13 - Dynegy Holdings, LLC's operating debtors obtained an extension to their exclusive periods for filing and soliciting votes on a plan of reorganization, according to a Monday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The operating debtors include Dynegy Danskammer, LLC, Dynegy Roseton, LLC, Dynegy Northeast Generation, Inc. and Hudson Power, LLC.

The debtors' exclusive filing period was extended to Nov. 13 from July 16 and the solicitation period to Dec. 31 from Sept. 14.

According to the motion, the operating debtors' major creditor constituencies and other parties in interest agreed to resolve various disputes and cooperate in a sale of the debtors' facilities.

The operating debtors said in the motion that they cannot guarantee the success of the sale process, but their cases "now are proceeding in a manner that is supported by their major creditors and parties in interest."

"At this critical juncture - with a sale process about to commence - the operating debtors believe it is imperative to maintain exclusivity to provide certainty and comfort to potential bidders in order to maximize the probability of a successful sale process," the debtors said in the motion.

Dynegy Holdings and four subsidiaries filed for bankruptcy on Nov. 7, 2011 under Chapter 11 case number 11-38111.

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