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La Paloma Chapter 11 plan rejected by four of seven voting classes
By Caroline Salls
Pittsburgh, Oct. 26 – La Paloma Generating Co., LLC’s Chapter 11 plan was rejected by four of seven voting creditor classes, according to a ballot report filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.
Specifically, one holder, or 12.5% in number, of $10,272, or 0.01% in amount, of La Paloma Generating and La Paloma Acquisition Co., LLC second-lien claims voted to accept the plan, while seven holders, or 87.5% in number, of $77.03 million, or 99.99% in amount, of those claims voted to reject it.
A total of 16 holders, or 61.54% in number, of $396,921, or 11.97% in amount, of general unsecured claims against the La Paloma Generating debtor voted to accept the plan, while 10 holders, or 38.46% in number, of $2.92 million, or 88.03% in amount, of those claims voted to reject it.
Also, one holder, or 50% in number, of $27.92 million, or 50.03% in amount, of La Paloma Acquisition general unsecured claims voted to accept the plan, while one holder, or 50% in number, of $27.88 million, or 49.97% in amount, of those claims voted to reject it.
Meanwhile, the plan was accepted by both holders of $332.02 million in La Paloma Generating first-lien claims, both holders of $330.97 million of La Paloma Acquisition first-lien claims and both holders of $433,288 in general unsecured claims against the CEP La Paloma Operating Co., LLC debtor.
The plan confirmation hearing is scheduled for Oct. 30.
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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