Lincoln Power’s Chapter 11 case is closed following reorganization, under the final decree Dkt. 512 entered December 13, 2024. Its plan reached effectiveness Dkt. 444 on December 7, 2023; the final decree also terminated claims and noticing services.

Lincoln Power’s Chapter 11 proceeding, filed March 31, 2023, closed under the December 13, 2024 final decree Dkt. 512, which also terminated claims and noticing services. The court had confirmed the joint reorganization plan Dkt. 320 on July 27, 2023, and the notice of effectiveness Dkt. 444 established December 7, 2023 as the date of emergence.

The restructuring followed liquidity pressure at Lincoln Power’s two Illinois gas-fired generating facilities, Elgin and Rocky Road. The first-day declaration Dkt. 12 attributed the filing primarily to Winter Storm Elliott in December 2022: extreme cold prevented gas deliveries, causing performance failures and PJM penalties of $24.56 million for Elgin and $14.33 million for Rocky Road. Subsequent collateral calls and credit demands compounded the pressure. The declaration described a March 30, 2023 restructuring support agreement with first-lien lenders and the equity sponsor that proposed a debt-to-equity exchange and potential asset sales.

The court authorized cash-collateral use and adequate protection for prepetition secured parties through its April 28, 2023 final cash-collateral order Dkt. 125. Its May 26, 2023 bid-procedures order Dkt. 205 established a process for a potential sale of all or substantially all assets. The proceeding ultimately reached plan confirmation and effectiveness. By the November 22, 2024 motion for a final decree Dkt. 503, the reorganized debtor reported completing reconciliation of all secured, priority and general unsecured claims and sought closure of the remaining case. The December final decree granted that relief.

Lincoln Power’s Chapter 11 case is closed following reorganization, under the final decree Dkt. 512 entered December 13, 2024. Its plan reached effectiveness Dkt. 444 on December 7, 2023; the final decree also terminated claims and noticing services.

Lincoln Power’s Chapter 11 proceeding, filed March 31, 2023, closed under the December 13, 2024 final decree Dkt. 512, which also terminated claims and noticing services. The court had confirmed the joint reorganization plan Dkt. 320 on July 27, 2023, and the notice of effectiveness Dkt. 444 established December 7, 2023 as the date of emergence.

The restructuring followed liquidity pressure at Lincoln Power’s two Illinois gas-fired generating facilities, Elgin and Rocky Road. The first-day declaration Dkt. 12 attributed the filing primarily to Winter Storm Elliott in December 2022: extreme cold prevented gas deliveries, causing performance failures and PJM penalties of $24.56 million for Elgin and $14.33 million for Rocky Road. Subsequent collateral calls and credit demands compounded the pressure. The declaration described a March 30, 2023 restructuring support agreement with first-lien lenders and the equity sponsor that proposed a debt-to-equity exchange and potential asset sales.

The court authorized cash-collateral use and adequate protection for prepetition secured parties through its April 28, 2023 final cash-collateral order Dkt. 125. Its May 26, 2023 bid-procedures order Dkt. 205 established a process for a potential sale of all or substantially all assets. The proceeding ultimately reached plan confirmation and effectiveness. By the November 22, 2024 motion for a final decree Dkt. 503, the reorganized debtor reported completing reconciliation of all secured, priority and general unsecured claims and sought closure of the remaining case. The December final decree granted that relief.