La Paloma Generating eyes extension to form, implement exit strategy

By Caroline Salls

Pittsburgh, June 6 – La Paloma Generating Co., LLC requested an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend its exclusive filing period by 60 days through Aug. 7 and the solicitation period through Oct. 6.

Since its bankruptcy filing, La Paloma said it has negotiated several financing orders, held talks with key stakeholders regarding potential plan structures and worked to monetize assets and restructure important vendor and contractual relationships.

“The extensions requested by this motion will provide the debtors with the opportunity to continue these efforts and to formulate and implement an exit strategy for these Chapter 11 cases,” the motion said.

A hearing is scheduled for June 26.

La Paloma is a 1,022 MW combined-cycle gas-fired power plant located in Kern, Calif. The company filed bankruptcy on Dec. 6, 2016 under Chapter 11 case number 16-12700.

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