New Chapter 11 Filing – Heritage Power
On January 24, 2023, Heritage Power, LLC of Houston, TX and certain affiliates (“Debtors”) filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas (Case No. 23-90032 (CML)). The Debtors are a power company with a focus on power generation activities in Pennsylvania, New Jersey and Ohio. In the petition, the company reported $50 million to $100 million in assets and $500 million to $1 billion in liabilities. According to the first day declaration, the Debtors entered bankruptcy with a Restructuring Support Agreement with GenOn Holdings, LLC and a group of consenting noteholders and intend to deleverage their balance sheet through a debt-for-equity swap of substantially all of their first lien secured debt and rejection of burdensome contracts.
Cole Schotz P.C. does not represent the Debtors in this case. We are posting this for informational purposes only. If you have received a notice and have any questions, you should contact Debtors’ counsel. Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York and Texas.
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