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Homer City Generation changes name after completing reorganization

Homer City Generation LP has completed its reorganization and converted from a limited partnership to a limited liability corporation known as Homer City Generation LLC, according to an April 17 FERC filing.

Following the reorganization, Homer City Generation noteholders have become majority equity owners in Homer City. The company eliminated more than $600 million in principal and accrued interest from its balance sheet and paid in full all trade creditors and other general unsecured creditors.

Homer City Generation operates the financially distressed 1,901.1-MW Homer City coal-fired power plant in Pennsylvania, which provides electricity to the PJM Interconnection and New York ISO markets.

GE Capital US Holdings Inc., which held a 95% common equity interest in the plant, saw a 33% reduction of its pro rata share of recovery. Affiliates of GE will own approximately 11% of the reorganized Homer City Generation LLC. MetLife Inc.'s minority stake in Homer City has been canceled as part of the reorganization plan.

Homer City Generation on Jan. 11 filed a voluntary petition for Chapter 11 reorganization in the U.S. Bankruptcy Court for the District of Delaware. The court confirmed the plan Feb. 15, while FERC approved the transaction March 7.

Morgan Stanley, which helped arrange a $150 million term loan B exit facility for Homer City Generation, was among the parties released from claims.

The parties consummated the transaction April 6. (FERC docket EC17-65)