Electricity generator Mach Gen LLC filed for chapter 11 protection yesterday as shrinking power demand and lower energy and capacity margins hurt the company, Reuters reported yesterday. The Athens, N.Y.-based company, owned by affiliates of Credit Suisse Group AG and Bank of America Corp. among others, said that regulatory hurdles that halted the sale of its Harquahala Facility in 2013 meant it could not cut debt. As of Dec. 31, 2013, Mach Gen's unaudited balance sheet reflected assets of about $750 million and liabilities of about $1.6 billion, it said. The company said that a majority of its stakeholders had agreed to a prepackaged plan of reorganization, which would give its second-lien debt holders 93.5 percent of the restructured company and reduce about $1 billion of debt.
