Longview Power Files Prepackaged Chapter 11

Longview Power files for Chapter 11 bankruptcy protection under prepackaged reorganization plan after a warm winter, cheap natural gas and the coronavirus pandemic depressed electricity demand and prices.

• Ownership will be transferred to senior secured lenders; more than 85% in interest of senior secured lenders support the reorganization plan
• Longview will enter into a $40 million new money exit facility
• Company will continue to operate normally and pay all vendors; doesn’t plan staffing changes

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Kyung Bok Cho in New York at kcho7@bloomberg.net

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