As previously disclosed, on June 14, 2017, GenOn Energy, Inc. (“
GenOn”), GenOn Americas Generation, LLC (“
GAG”) and certain of their directly and indirectly-owned subsidiaries (collectively, the “
Debtors”) filed voluntary petitions (the “
Bankruptcy Petitions”) for reorganization under Chapter 11 of the United States Bankruptcy Code (the “
Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas (the “
Bankruptcy Court”). During the pendency of the Bankruptcy Petitions, the Debtors are operating their businesses as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court.
On June 29, 2017, the Debtors filed a Joint Plan of Reorganization pursuant to Chapter 11 of the Bankruptcy Code (the “
Plan”) and a related Disclosure Statement (the “
Disclosure Statement”) with the Bankruptcy Court consistent with the restructuring support and lock-up agreement, which was previously disclosed and entered into by the Debtors, with NRG Energy, Inc., certain holders representing greater than 93% in aggregate principal amount of GenOn’s outstanding senior unsecured notes and certain holders representing greater than 93% in aggregate principal amount of GAG’s outstanding senior unsecured notes signatory thereto.
The Debtors recommend that holders of claims refer to the limitations, risk factors and qualifications included in the Plan and the Disclosure Statement, as applicable, with respect to the information contained therein. Information contained in the Plan and the Disclosure Statement is subject to change, whether as a result of amendments to the Plan, requirements by the Bankruptcy Court, actions of third parties, or otherwise.
The Bankruptcy Code does not permit solicitation of acceptances of the Plan until the Bankruptcy Court approves the applicable Disclosure Statement relating to the Plan. Accordingly, this Current Report on Form 8-K is not intended to be, nor should it be construed as, a solicitation for a vote on the Plan. There can be no assurance that the Bankruptcy Court will approve the Disclosure Statement, that the Debtors’ stakeholders will approve the Plan, or that the Bankruptcy Court will confirm the Plan. The Debtors will emerge from Chapter 11 when a plan receives the requisite approval from holders of claims, the Bankruptcy Court enters an order confirming a plan, and certain conditions to the effectiveness of a plan, as stated therein, are satisfied.
The foregoing description of the Plan and Disclosure Statement does not purport to be complete and is qualified in its entirety by reference to the Plan and Disclosure Statement, copies of which are available at
http://dm.epiq11.com/genon.
Cautionary Note Regarding Forward-Looking Information
Certain of the statements included in this Current Report on Form 8-K 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. 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 may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, factors described from time to time in GenOn’s reports filed with the SEC.