Posted: Oct 2, 2012 7:02 AM
Updated: Oct 2, 2012 7:03 AM
HOUSTON (AP) Power provider Dynegy has emerged from Chapter 11 bankruptcy protection.
The Houston company, which produces and sells electricity, said late Monday that its reorganization allowed it to eliminate over $4 billion in debt.
Its new shares are expected to begin trading Wednesday on the New York Stock Exchange under the symbol "DYN."
Dynegy Inc. filed for Chapter 11 in July after years of falling electricity prices and debt that surpassed $5 billion last year. One of its subsidiaries, Dynegy Holdings, filed for bankruptcy protection in November. As part of the restructuring, Dynegy Holdings combined itself with Dynegy Inc. on Sept. 30.
Dynegy's coal and natural gas-fired power plants are owned by separate subsidiaries that weren't part of either bankruptcy filing.