Dynegy Inc. created three operating divisions: the natural gas group (GasCo), the coal group (CoalCo), and a group for all other businesses (known as "the stub group"). The company obtained $1.3 billion in term loan B facilities and $500 million in revolving credit. ", "Dynegy's Chief Financial Officer Quits. Dynegy Inc. Q3 2008 Earnings Call Transcript, "Worst CEOs of the Dismal Year of 2008: 'Corporate Scrooges' Named by Co-Op America,", "U.S. "Dynegy Joins Subsidiary in Chapter 11, Sets Merger. Announces Settlement of Illinois Power Case - Company will spend $500 million to reduce air pollution by over 54,000 tons per year,", https://www.gem.wiki/w/index.php?title=Dynegy&oldid=262035, Companies listed on the New York Stock Exchange, Power companies and agencies in the United States, Creative Commons Attribution-NonCommercial-ShareAlike, AR, AZ, CA, CT, GA, IL, KY, ME, MI, NV, NY, OH, PA, TX, Sold to Helios Power Capital, converted to natural gas. )[27] Enron attempted to sell off assets in an effort to stay afloat. [21] The case against Dynegy was dismissed in 2003. Name. Location: 6725 North 500th St., Newton, IL 62448; GPS Coordinates: 38.936111, -88.277778; Coal Consumption: . [97] The company announced a month later that it had hired the restructuring firm Lazard and the law firm White & Case to advise it on debt restructuring. ", "Two More Deals Further Consolidate the Nation's Utilities. ", Mouawad, Jad. Refocused on these core businesses, and managed with a strong emphasis on efficiency and cost control, Dynegy was able to stabilize its financial position. The deal, worth $900 million, involved Ameren's Ameren Energy Generating Co. (Genco); Genco's controlling interest in Electric Energy Inc.; AmerenEnergy Resources Generating Co.; and Ameren Energy Marketing Co. Dynegy formed a subsidiary, Illinois Power Holdings (IPH), to purchase the Ameren subsidiaries. FERC asked Dynegy to provide additional information on transmission limitations and market area expansion. Company officials from Dynegywhich owns the plantand The Blackstone Group announced the sale wasn't expected to go through despite some last-minute sweetening officials believed would entice . [75] The joint venture did not last, however. Dynegy is headquartered in Irving, 6555 Sierra Dr, United States, and has 2 office locations. The bankruptcy filing did not, however, affect GasCo, CoalCo, or the "stub group", and allowed the Dynegy Holdings bankruptcy to proceed. ", "Dynegy Must Spend $321 Million to Cut Emissions. Shortly after the pull-out, Enron filed for Chapter 11 bankruptcy and sued Dynegy. [73], Dynegy's move into coal-powered electrical generation was not without controversy. The examiner found that Dynegy Holdings was already bankrupt at the time the sale took place, and therefore constituted a breach of fiduciary duty by the Dynegy Holdings board of directors. The company adopted the name Dynegy in 1998. [111] Unsecured creditors also would receive 99 percent of Dynegy's new stock, with the company retaining the rest (with warrants to purchase 13.5 percent of the stock after five years).
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