GenOn Announces NRG REMA LLC's Launch of its Solicitation of Votes For Prepackaged Reorganization Plan
DALLAS, TX--October 11, 2018--GenOn Energy, Inc. (“GenOn”) announced today that NRG REMA LLC (“REMA”), an indirect subsidiary of GenOn, has launched its solicitation of votes for a prepackaged chapter 11 plan of reorganization (the “Plan”). As previously disclosed in GenOn’s current report on Form 8-K, filed with the U.S. Securities and Exchange Commission on October 2, 2018, REMA has entered into restructuring support agreements with certain of its key stakeholders (the “RSAs”) and is launching the Plan with strong support from a majority of its creditors.
Pursuant to the RSAs, 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 expects to commence voluntary chapter 11 bankruptcy cases in the United States Bankruptcy Court for the Southern District of Texas to implement the Plan shortly after the solicitation process is complete and REMA receives votes sufficient to confirm the Plan. REMA intends to complete its restructuring during the fourth quarter of 2018.
REMA’s legal advisor in connection with the restructuring is Kirkland & Ellis LLP. Alvarez & Marsal North America, LLC serves as its financial advisor. Rothschild Inc. is REMA’s investment banker for the restructuring.
The RSAs, the Plan and related materials, including the disclosure statement related to the Plan are accessible at http://dm.epiq11.com/rema.
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.