TITLE

NRG's Bankruptcy Could be a First

AUTHOR(S)
Burns, Mairin
PUB. DATE
May 2003
SOURCE
Investment Dealers' Digest;5/19/2003, Vol. 69 Issue 20, p16
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Restructuring professionals are predicting a swift passage through the bankruptcy courts for NRG Energy Inc., which filed a prepackaged Chapter 11 bankruptcy plan in the beginning of May 2003. In March,parent company Xcel Energy Inc. had agreed on a settlement with NRGcreditors that would limit the subsidiary's liability to 752million dollars. Not only could this be the fastest bankruptcy on record, its terms could also be one of the most favorable to bondinvestors. NRG has some 3.5 billion dollars of bond debt outstanding and another 1 billion dollars of bank debt. If NRG's creditors agreed to the March deal, it is highly unlikely that they will seek to hamper the bankruptcy plan's progress. Analysts estimate that NRG's bondholders earn as much as 75 cents on the dollar for bonds.
ACCESSION #
9937939

 

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