Reuters: Bankruptcy News: UPDATE 1-Dynegy loss narrows on gas generation volumes

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UPDATE 1-Dynegy loss narrows on gas generation volumes May 10th 2012, 12:38 Thu May 10, 2012 8:38am EDT May 10 (Reuters) - Dynegy Inc posted a narrower quarterly loss as it produced more power from cheap natural gas rather than coal. The company last month resolved major disputes with creditors that could put its unit Dynegy Holdings LLC a step closer to emerging from bankruptcy. Dynegy has reached an agreement in principle with creditors holding more than $2.5 billion of claims against the unit, which filed for bankruptcy protection on Nov. 7. A hearing on the settlement agreement has been scheduled for June 1, Dynegy said on Thursday. Operating income at the company's gas segment in the first quarter rose to $19 million from $13 million a year ago, while generation volumes more than doubled. Net loss narrowed to $58 million, or 47 cents a share, from $77 million, or 64 cents a share. Revenue fell 65 percent to $177 million.

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