Dynegy Unit Judge to Allow Bankruptcy Plan Vote
ankruptcy Judge Cecelia Morris said that she will allow a Dynegy Inc. unit’s creditors to vote on its reorganization plan after some wording changes are made, Bloomberg News reported yesterday. Judge Morris asked lawyers involved in the case to change the wording of an order approving the disclosure statement to give creditors more information about the unit’s proposed restructuring. The plan will pay bondholders between 59 cents to 89 cents on the dollar, the power producer says. The ruling moves Houston-based Dynegy closer to completing the restructuring of the holdings unit, whose creditors include holders of about $3.4 billion in senior notes. Dynegy put the unit into bankruptcy last year.