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Edison Mission emerges from bankruptcy as NRG closes asset sale

NRG Energy yesterday completed its acquisition of the assets of Edison Mission Energy, NRG announced.

As a result, Edison Mission emerged from Chapter 11 yesterday, according to a notice filed with the bankruptcy court overseeing the company’s case. Along with the closing of the NRG sale, the company’s settlement with its parent, Edison International, also closed, according to the notice (see “Edison Mission bonds trade higher after Ch. 11 accord,” Feb. 19, 2014).

As reported, the Chicago bankruptcy court confirmed the company’s reorganization plan on March 11.

According to the notice, the reorganization trust that will distribute assets to the company’s creditors received roughly $3.2 billion in cash and about $400 million in NRG stock (based on about 12.67 million shares and NRG’s stock price in late morning trading of $31.90/share) as a result of the closings of the sale and settlement.

According to the company’s disclosure statement, total unsecured claims in the case will be roughly $3.824 billion.

Edison Mission’s 7.00% senior notes due 2017 traded in high volume this morning, with prints at 93.5 and 94, most recently, versus 91.5 yesterday, trade data show. – Staff reports