Dynegy units file for bankruptcy

Dynegy Holdings Inc. and four other units of parent company Dynegy Inc. (NYSE: DYN) filed for Chapter 11 bankruptcy Nov. 7 in U.S. Bankruptcy Court for the Southern District of New York.

Dynegy Holdings Inc. is more than $4 billion in debt, news reports said. The other units that filed are Dynegy Roseton LLC, Dynegy Danskammer LLC, Hudson Power LLC and Dynegy Northeast Generation Inc.

Dynegy terminated offers for a distressed-debt exchange, which would swap as much as $1.25 billion of its outstanding notes for cash and new securities worth less than face value, news reports said. The company also transferred its coal and gas assets to entities outside of Dynegy Holdings in August. That move could keep Dynegy Inc. and its shareholders from reportedly going through bankruptcy hearings.

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