The court confirmed the Second Amended Joint Chapter 11 Plan for NorthEast Gas Generation, LLC and affiliated debtors on Dec. 18, making the plan binding on creditors and interest holders and vesting assets in the reorganized debtors on the effective date source filing. The order caps a June 18 Delaware Chapter 11 filed by NorthEast Gas Generation, New Athens Generating Company, NorthEast Gas Generation GP, and Millennium Power Partners, after CLMG Corp. accelerated first-lien obligations and Talen Energy Marketing issued energy-management termination notices source filing source filing.

The business is a two-plant gas generation platform: a 1,080 MW Athens, New York facility and a 360 MW Charlton, Massachusetts facility, with no direct employees and operations dependent on affiliates and third-party contractors source filing. At filing, the debtors reported about $585.2 million of funded debt, including $554.7 million of first-lien debt and $30.5 million of second-lien debt, plus about $13.3 million of unsecured debt. The opening liquidity bridge was a $40 million DIP facility led by CLMG Corp. as agent and Beal entities as lenders, with $15 million available on an interim basis and milestones aimed at plan consummation within 180 days source filing.

Plan economics shift control to the DIP and first-lien creditor group: first-lien claims receive pro rata distributable equity plus $200 million of reinstated first-lien debt, while second-lien claims waive recovery, general unsecured creditors share distributable proceeds, Talen entities waive GUC recoveries, and existing NorthEast Gas equity is cancelled source filing source filing. For case followers, the confirmation order turns the proceeding from liquidity triage into emergence execution.