A Talen Energy Corp.-owned company that operates three natural gas-fired electricity generation plants has filed for bankruptcy protection with a pre-negotiated plan to restructure roughly $600 million in senior debt, WSJ Pro Bankruptcy reported. The company, New MACH Gen LLC, filed for chapter 11 protection yesterday in the U.S. Bankruptcy Court in Wilmington, Del. MACH Gen, which emerged from an earlier trip through bankruptcy in 2014, said its debt and “poor market conditions” including a mix of competition from other power generators and low prices affecting a New York grid operator the company sells power to have contributed to its financial problems. MACH Gen in court papers listed asset of roughly $503 million and liabilities of $654 million as of March 31.
