NRG confirms dual-track restructuring after Chapter 11 filing
NRG Energy’s Chapter 11 case began on May 14, 2003, with the parent company’s voluntary petition source filing. The confirmation record describes NRG as an Xcel-controlled global power-generation business whose filing followed debt-funded growth, 2002 rating downgrades that produced $1.2 billion of collateral demands, weaker power prices, higher fuel costs, and broader energy-sector distress source filing.
On November 25, the court confirmed a First Amended Joint Plan for 21 project-level subsidiary debtors, expressly excluding NRG Energy, NRG Capital, NRG Power Marketing and several affiliates from that order. The subsidiary plan left all classes unimpaired: Northeast and South Central bond claims are paid in full cash, general unsecured claims receive full cash payment or unaltered/accepted treatment, and Northeast, South Central and Berrians equity interests are retained source filing. In parallel, the main NRG confirmation order covered the parent and four related plan debtors, with all voting impaired classes accepting, Xcel contributing up to $640 million, and reorganized NRG issuing new common stock and senior notes source filing.