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Dynegy Hires Restructuring Advisors

Texas-based energy company Dynegy Inc., after seeing a pair of sales—first to Blackstone, then to Carl Icahn—fall apart, has also hired a pair of firms to assist it in its restructuring. White & Case, the law firm, and Lazard Frères & Co., the financial advisor, were hired by Dynegy to help it consider debt restructuring options.

PRESS RELEASE:

HOUSTON– Dynegy Inc. (NYSE: DYN) today announced that the law firm of White & Case LLP and the financial advisory firm of Lazard Frères & Co. LLC have been retained to advise the company and the Finance and Restructuring Committee of Dynegy’s Board of Directors on debt restructuring activities.
The Finance and Restructuring Committee is chaired by Vincent J. Intrieri. Other directors on the committee are Thomas W. Elward, E. Hunter Harrison and Samuel Merksamer. The purpose of the committee is to undertake a comprehensive review of Dynegy’s various restructuring alternatives, including, without limitation, if appropriate, reviewing and evaluating (i) possible changes to the capital structure of Dynegy, including the issuance, repurchase and/or prepayment of indebtedness or equity securities and (ii) possible sales of Dynegy’s assets.
Through its subsidiaries, Dynegy Inc. produces and sells electric energy, capacity and ancillary services in key U.S. markets. The power generation portfolio consists of approximately 11,800 megawatts of baseload, intermediate and peaking power plants fueled by a mix of natural gas, coal and fuel oil.