Reuters: Bankruptcy News: Judge OKs Dynegy bankruptcy pact with creditors

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Judge OKs Dynegy bankruptcy pact with creditors Jun 1st 2012, 19:18 June 1 | Fri Jun 1, 2012 3:18pm EDT June 1 (Reuters) - Dynegy Inc on Friday won a U.S. bankruptcy judge's approval of a settlement with creditors, putting the power producer's Dynegy Holdings LLC unit one step closer to emerging from Chapter 11 protection. Chief Judge Cecelia Morris of the U.S. Bankruptcy Court for the Southern District of New York approved the settlement at a hearing in Poughkeepsie, New York. Some creditors this week dropped their opposition to the accord. Dynegy said creditors who joined the settlement hold more than $2.7 billion of claims against Dynegy Holdings. The company has said Dynegy and Dynegy Holdings will be combined. It has said unsecured creditors of Dynegy Holdings, including holders of about $3.4 billion of senior notes, would receive a 99 percent equity stake in a reorganized company.

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