General Information

On November 7, 2011, Dynegy Holdings, LLC and four (4) affiliated companies (collectively, the "Debtors") filed petitions in the United States Bankruptcy Court for the Southern District of New York seeking relief under chapter 11 of the United States Bankruptcy Code. The Debtors' cases have been assigned to Judge Cecelia G. Morris. The Debtors' cases are being jointly administered for procedural purposes, meaning that all pleadings will be maintained on the case docket for Dynegy Holdings, LLC, Case No. 11-38111(the "Main Case Docket"). The Main Case Docket can be accessed through the website maintained by the United States Bankruptcy Court for the Southern District of New York http://www.nysb.uscourts.gov. An unofficial version of the docket is accessible by selecting the "Docket" link at the top of this page.

For information regarding frequently asked questions please click here.

Section 341 Meeting of Creditors

Pursuant to section 341 of the Bankruptcy Code, the United States Trustee for the Southern District of New York (the “United States Trustee”) has scheduled a meeting of creditors to be held at 10:00 a.m. (ET), on January 20, 2012 at the Office of the United States Trustee, 355 Main Street, First Floor, Poughkeepsie, New York, 12601.

Debtors

Proofs of Claim

The deadline for filing of proofs of claim against the Debtors in these cases has been set by the Bankruptcy Court as follows:

General Bar Date: February 24, 2012 at 5:00 p.m. (prevailing Eastern Time)

Governmental Units (as defined in section 101(27) of the Bankruptcy Code): May 7, 2012 at 5:00 p.m. (prevailing Eastern Time)

Completed forms can be sent to the following addresses:

A blank proof of claim form can be obtained here.

Key Professionals

Official Committee of Unsecured Creditors

Pursuant to Docket #85, the following creditors have been appointed to the Official Committee of Unsecured Creditors in these cases by the Office of the United States Trustee:

U.S. Trustee

Useful Links

Website Information

An unofficial version of the Main Case Docket can be accessed through this website by selecting the "Docket" link at the top of this page. In addition, from time to time, certain key documents filed in these cases or otherwise made available by the Debtors will be available by selecting the "Key Documents" link above. Should you have any questions relating to this website, please feel free to contact us at 646.282.2400.

Frequently Asked Questions

1. What did Dynegy announce?
   Dynegy announced today that Dynegy Holdings, LLC (DH), its direct, wholly owned subsidiary, and four of DH’s wholly owned subsidiaries have filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York, Poughkeepsie Division (the “Court”).
   
   The DH subsidiaries included in the filing are Dynegy Northeast Generation, Inc., Hudson Power, L.L.C., Dynegy Danskammer, L.L.C. (Danskammer) and Dynegy Roseton, L.L.C. (Roseton).
   
   In addition, the Debtors announced that they were able to reach an agreement on the terms of a proposed financial restructuring with holders of an aggregate amount of approximately $1.4 billion of Dynegy Holdings’ unsecured notes. The Debtors will seek to implement the terms of the restructuring through a chapter 11 plan of reorganization.
   
   Not included in the filing, and not subject to the requirements of the U.S. Bankruptcy Code, are: Dynegy Inc., Dynegy Coal Holdco, LLC and its indirect, wholly owned subsidiary, Dynegy Midwest Generation, LLC, as well as numerous subsidiaries of DH, including Dynegy Power LLC and all its subsidiaries.



2. What does Chapter 11 bankruptcy mean?
   Chapter 11 is the section of the United States Bankruptcy Code that regulates corporate reorganizations to become financially stronger. A Chapter 11 filing is a legal and financial process designed to help companies continue to operate while they develop plans to reorganize their finances. Chapter 11 permits, and even encourages, daily business operations to continue as usual.
   
   Filing for Chapter 11 for these select five subsidiaries enables us to address the public note debt at Dynegy Holdings, LLC, and burdensome leases at Danskammer and Roseton by working with our bondholders and other stakeholders through the Chapter 11 legal process. Chapter 11 does not mean liquidating assets, stopping operations and going out of business. With Chapter 11, the company continues to operate with little interruption to the normal course of business. Dynegy Inc. (DI) is not going out of business as a result of this filing, nor are Roseton and Danskammer stopping operations at this time. However, we have requested the bankruptcy court to allow us to reject our leases of the Roseton and Danskammer facilities, and only plan to operate them as long as necessary to comply with applicable regulatory requirements.



3. Which entities filed for bankruptcy?
   Dynegy Holdings, LLC (DH), Dynegy Northeast Generation, Inc. (DNE), Hudson Power, L.L.C., Dynegy Danskammer, L.L.C. (Danskammer) and Dynegy Roseton, L.L.C. (Roseton) filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court in Poughkeepsie, New York. These are the only entities impacted by the filing. The rest of this FAQ document will use the term “Debtors” to talk about the filing entities.



4. Does this mean that Dynegy Inc. is going out of business?
   It’s important to realize that Dynegy Inc. did not file Chapter 11. The entities that filled Chapter 11 are direct and indirect subsidiaries of Dynegy Inc. Dynegy Inc. is the entity that is listed on the New York Stock Exchange. All of Dynegy’s other plants are running in a business as usual manner and are not directly impacted by DH’s bankruptcy filing.



5. How long will the filing entities be in Chapter 11?
   At this point it is too early to tell -- our objective is to exit bankruptcy as quickly as possible.

1. Will suppliers continue to be paid for goods and services they provide to Dynegy Inc. and the other non-filing entities?
   Yes. Dynegy Inc. and the other non-filing entities did not file for bankruptcy and will continue to pay suppliers for goods and services provided through our normal processes.



2. Will suppliers continue to be paid for goods and services they provide to the Debtors?
   The U.S. Bankruptcy Code gives administrative priority to claims for goods delivered and services provided after the Chapter 11 filing.
   
   Suppliers who provided goods or services to the Debtors prior to the Chapter 11 filing may have what are referred to as “pre-petition claims.” Under federal law, any such claims (i.e., those received before the Company filed for Chapter 11) are frozen and cannot be paid without specific authorization from the Bankruptcy Court. We regret the hardship or inconvenience that this may cause your company. If you have such pre-petition claims, you will be receiving additional information from the Company’s claims agent at a later date.



3. I believe that I have a pre-petition claim with one of the Debtor Entities. What should I do?
   At the moment, you don’t need to do anything. Once the Bankruptcy Court has confirmed the procedures and deadlines for filing claims, you will receive a proof-of-claim form and instructions on how to file the form with the Company. We have worked and will continue to work to identify all vendors who may have claims outstanding at the time of filing and they will be notified of the claims filing process by our claims agent. You are welcome download the form now from the “Claim Form” tab on this site.



4. I am a supplier to the Debtors. Will I need a claim form, or will I automatically be paid for the outstanding, pre-petition amount owed to me?
   The Company will make an effort to list all of its creditors in a filing with the Bankruptcy Court. Suppliers on this list will be receiving a claim form from the Company’s claims agent, with instructions about how to file a claim. A claim form is also available on the “Claim Form” tab on this site.



5. I am a supplier to the Debtors. Why can’t the Company pay me what I am owed?
   U.S. bankruptcy law generally prohibits the payment of all unpaid invoices incurred before the Company filed for Chapter 11.



6. I am a supplier to the Debtors. Why should I continue to provide you with goods and services if I have pre-petition claims?
   We regret the hardship or inconvenience that our Chapter 11 filing may cause you. However, it is important to understand that under U.S. bankruptcy law, suppliers are required to fulfill all contractual obligations to the filing entities. In addition, we value our relationship with you, and we think it makes good sense for us to continue to work together.
   
   We are permitted and fully intend to pay, under the normal terms of our relationship, for all goods and services you provide after the Chapter 11 filing. Claims for such “post-petition” goods and services receive high priority in Chapter 11 cases.



7. I am a supplier to the Debtors. What is my current balance? What is my pre-petition balance?
   We cannot provide current balances outstanding at this point because we are in the process of reviewing all of our records and separating pre- and post-petition invoices. At this time, we are not allowed to discuss pre-petition balances. However, within the next month or two, we will be filing with the Court a “Schedule of Assets and Liabilities.” In this document, we will list balances we believe are owed to our creditors. If you have further questions about this, please contact your company’s legal advisor.



8. I am a supplier to the Debtors. Can’t you just give me some idea of how much I will get paid on the past bills?
   Our relationship with our suppliers is key to the future success of the Company, and we greatly appreciate your business. While we cannot promise what the amount of payout will be on your claims, you can be sure that the Company will do everything it can to achieve the maximum recovery for all creditors.



9. I am a supplier to the Debtors. Will you attempt to negotiate new terms now that you’re in Chapter 11?
   At this point in the process, no decision has been reached. We currently expect to continue to purchase goods and services under the same terms and conditions as before. However, we will continue to review our overall supplier relationships in the normal course of business.



10. I am a supplier to the Debtors. If you can’t pay me for pre-petition invoices, what assurances can you provide that I will be paid for post-petition goods and services?
    All claims for goods and services delivered on or after the bankruptcy date are considered administrative claims under U.S. bankruptcy law. This means that the filing entities are allowed (and indeed obligated) to pay you in full and according to terms. Additionally, the filing entities believe that they have sufficient liquidity and cash to fund their operations, including payment for goods and services provided after the filing.



11. I am a supplier to the Debtors. When will I receive payment for goods delivered after the bankruptcy date?
    All goods delivered after the bankruptcy date will be paid according to your established terms.



12. I am a supplier to the Debtors. What if I only want to be paid cash on delivery?
    It is our intention to continue to do business under normal credit terms for goods and services provided after the filing.



13. I am a supplier to the Debtors. Can I take back my goods?
    No. We understand your frustration, but bankruptcy law prohibits a seller from repossessing goods after a purchaser has filed for Chapter 11.



14. I am a supplier to the Debtors. Can I raise my product prices?
    The automatic stay provision, which is associated with Chapter 11 filings, prevents you from raising your prices in an effort to recoup pre-petition claims. Should you have a business reason to raise prices other than the Company’s filing itself, you can communicate with your usual contact at Dynegy Inc. or one of the filing entities. He or she will collect the requisite information from you and determine if a price change can be approved.

1. I am an employee of Dynegy Northeast Generation, what happens to my retirement benefits (pension and 401(k))?

U.S. federal law protects the funds in 401(k) savings plans from the claims of the company’s creditors. All individual 401(k) accounts are set up in the individual employee’s name and the assets in those accounts are held in trust. This means that the company cannot use these assets to meet its other obligations or to pay its debts.

The status of the defined benefit pension plans administered by the company has generally not changed as a result of the Chapter 11 filing at this time. Defined benefit pension plans are not automatically terminated when an employer files for protection under Chapter 11. In fact, qualified defined benefit pension plans cannot be terminated unless they meet the standards for termination set out by U.S. federal law, and a decision to seek to terminate a defined benefit pension plan would have to comply with those standards.

Please do note, however, that IRS rules prohibit certain forms of distribution, such as lump sums, from being made from the Dynegy Inc. Retirement Plan and the Dynegy Northeast Generation, Inc. Retirement Income Plan during the period that DNE is a debtor under Chapter 11. If you terminate employment and desire to take a distribution from one of these pension plans at that time, you will receive additional information regarding what forms of payment are available during this period.

Further, while U.S. federal law protects qualified defined benefit pension plans from certain retroactive changes to plan benefits, it is possible that there could be changes to the defined benefit pension plans in the future. Any such changes would be announced as appropriate. Changes to plans covering union employees are subject to bargaining. The Pension Benefit Guaranty Corporation also provides protection for defined benefit pension programs.