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GenOn pays $362.5M to noteholders as part of reorganization plan

GenOn Energy Inc., GenOn Americas Generation and certain subsidiaries disclosed in a June 6 filing the companies made partial payments of $362.5 million to noteholders as part of their reorganization plan.

The NRG Energy Inc. subsidiaries paid $191.4 million of 8.50% senior notes due 2021, amounts to $523.21 per $1,000 of the principal amount. GenOn also paid $171 million of 9.125% senior notes due 2031, which is $519.95 per $1,000 of the principal amount.

The U.S. Bankruptcy Court for the Southern District of Texas in December 2017 approved GenOn's amended reorganization plan, positioning the company to eliminate approximately $1.75 billion of debt. In January, the court approved the administrative claim estimated to be $662.5 million for GenOn Americas' 8.50% notes and 9.125% notes, ahead of a planned $300 million payment on Feb. 1.

Following the $362.5 million payment, the pro forma GenOn Americas administrative claim amount is $0.00, according to the filing.