GenOn Energy Inc. won court approval yesterday of a restructuring plan that splits it from parent NRG Energy Inc. and opens the way to a sale of the company, WSJ Pro Bankruptcy reported. A wholesale power generator, GenOn operates electricity plants that use natural gas, coal and oil. Efforts to find a buyer began midway through a bankruptcy turnaround effort and have heated up in recent weeks, with “very active” interest from multiple potential bidders, GenOn lawyer Steven Serajeddini said at a hearing in the U.S. Bankruptcy Court in Houston. At the hearing, Judge David Jones confirmed a chapter 11 workout plan that erases NRG’s ownership of GenOn, and hands the company to bondholders that agreed to extinguish at least $1.75 billion in debt in exchange for equity.
