Davis Polk is advising the Ad Hoc Group of GenOn Energy, Inc. noteholders on the approximately $520 million disposition by a subsidiary of GenOn of the Hunterstown power generation facility to an affiliate of Platinum Equity. The transaction, which is expected to close in the second quarter of 2018, is subject to customary closing conditions.
GenOn, a unit of NRG Energy, is one of the largest independent power producers in the United States and filed for bankruptcy protection in June 2017. Located in Gettysburg, Pennsylvania, the Hunterstown facility is a combined-cycle gas turbine generating power plant with enough power to supply more than 648,000 homes. Platinum Equity is a global firm specialized in mergers, acquisitions and operations of companies that provide mission-critical products, services and solutions in diverse industries.
The Davis Polk insolvency and restructuring team includes partners Damian S. Schaible and Eli J. Vonnegut and associates Angela M. Libby, Benjamin M. Schak, Julian Bulaon and Zachary Levine. The mergers and acquisitions team includes partner William L. Taylor, counsel Ajay B. Lele and associates Arthur M.T. Burke and Morgan Lee. All members of the Davis Polk team are based in the New York office.