Re: NRG unit GenOn files for Chapter 11 bankruptcy protection
Gogh9: - Don't have that answer - AlinDallas is closer to the answer.
Best that I recall is that there was some type of appeal in process.
Am like you, would like to close this chapter aka Mirant
The irony is that GenOn Energy was formed by Mirant and Reliant Energy when our former fearless leader Ed Muller decided that buying out another IPP, that is Reliant Energy was the way out. Months/years later, things did not work out and GenOn was bought out by NRG.
Recall - way back in May 2006, after having finished the first post ch11 quarter, Ed Muller decided it would be cool to buy out NRG. That was totally nuts and so many activist investor hedge funds told Muller that was not going to happen.
Here we are now, it is clear that the IPP business model is not working - for anyone. Just look at Calpine, they are bleeding and have announced trying to find a buyer. Next is Dynegy, it has completed its second ch11 last year, well part of the company - like NRG and GenOn. And now NRG is feeling the burn, getting pressure from activist hedge funds to clean up.