Power-plant owner Entegra Power Group LLC won swift confirmation Friday of a Chapter 11 plan that chops $750 million worth of debt from its $1.5 billion balance sheet, the Wall Street Journal reported on Saturday. Entegra already had the votes in hand to get its plan before a judge when it filed for bankruptcy protection on Aug. 4, clearing the way for an uncontested confirmation session before Bankruptcy Judge Peter Walsh on Friday. Judge Walsh said that he would sign the confirmation order three minutes into the four-minute court hearing in Entegra's pre-packaged restructuring case. Hurt by diving electricity demand coupled with rising competition and facing a 2015 maturity date affecting its $1.3 billion third-lien debt, Entegra opened talks with creditors in 2013. The chapter 11 plan that resulted gives investors in approximately $231 million worth of second-lien notes a combination of new notes and cash while providing Entegra more time to address the debt.
