GenOn Announces NRG REMA LLC's Petition Filing for Its Prepackaged Reorganization Plan
DALLAS, TX--October 16, 2018--GenOn Energy, Inc. (“GenOn”) announced today that NRG REMA LLC (an indirect subsidiary of GenOn) and its direct subsidiaries (collectively “REMA”) filed petitions seeking chapter 11 protection in the United States Bankruptcy Court for the Southern District of Texas in an effort to implement the previously announced prepackaged chapter 11 plan of reorganization (the “Plan”).
The Plan is supported by REMA, the independent directors of GenOn (who are advised by independent advisors), the independent directors of REMA (who are advised by independent advisors), more than 90% of holders of those certain Series C Pass-Through Trust Certificates due 2026, Public Service Enterprise Group and the steering committee of GenOn noteholders. REMA intends to complete its restructuring during the fourth quarter of 2018 and have petitioned the court for a November 1, 2018 confirmation hearing.
REMA’s legal advisor in connection with the restructuring is Kirkland & Ellis LLP. Alvarez & Marsal North America, LLC serves as its financial advisor. Rothschild & Co. is REMA’s investment banker for the restructuring.
Cautionary Note Regarding Forward-Looking Information
Certain of the statements included in this press release constitute “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In particular, they include statements relating to future actions and strategies of GenOn and its subsidiaries, including REMA. These forward-looking statements are based on current expectations and projections about future events. Readers are cautioned that forward-looking statements are not guarantees of future operating and financial performance or results and involve substantial risks and uncertainties that cannot be predicted or quantified, and, consequently, the actual performance of GenOn and its subsidiaries, including REMA, may differ materially from those expressed or implied by such forward-looking statements.