MINNEAPOLIS, Minn., Nov. 25, 2003 — Judge Prudence Carter Beatty of the U.S. Bankruptcy Court in the Southern District of New York has entered an order confirming NRG Energy, Inc.’s Plan of Reorganization, clearing the way for the company to emerge from Chapter 11 by year end.
The company also announced that its power marketing unit, NRG-Power Marketing Inc. (NRG-PMI) is expected to emerge from Chapter 11 at the same time as NRG Energy.
Under the terms of the Plan of Reorganization, Xcel Energy will make payments up to $752 million to NRG and its creditors during the first five months of 2004 if the company emerges from Chapter 11 by the end of the year.
Separately, NRG said that the Bankruptcy Court approved the appointment of David Crane, currently the President and Chief Executive Officer of London-based International Power, as NRG’s new President and Chief Executive Officer. Crane will join NRG on December 1.
NRG Energy, Inc. owns and operates a diverse portfolio of power-generating facilities, primarily in the United States. Its operations include competitive energy production and cogeneration facilities, thermal energy production and energy resource recovery facilities.