Longview Power LLC, a West Virginia power plant that cost more than $2 billion to build, is again trying to reach a deal with creditors and ultimately exit chapter 11 protection, Dow Jones Daily Bankruptcy Review reported today. An amended restructuring plan filed on Friday in bankruptcy court incorporates a major settlement reached in February and promises Longview's unsecured creditors a recovery of about 22 percent, or their share of a $1 million cash pool, if they vote to accept the plan. If unsecured creditors vote to reject the plan and the plan is confirmed by Judge Brendan Shannon, they will recover 5.5 percent, or their share of $250,000, according to court papers.
