New MACH Gen LLC filed for bankruptcy June 11 seeking to reorganize a business that owns and operates natural gas-fired plants in New York, Arizona and Massachusetts.
The Chapter 11 filing in Wilmington, Delaware lists $500 million to $1 billion in debt and assets. The company, based in The Woodlands, Texas, also filed a prepackaged plan outlining how it intends to reorganize, by transferring assets to first-lien lenders, according to court papers.
In November 2015, Talen Energy bought MACH Gen LLC for $1.18 billion following a 2014 bankruptcy. The company didn’t live up to forecasts for profits after taking out ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.