Dynegy Inc (DYN.N) can proceed with its debt restructuring after a Delaware judge on Friday declined to grant a temporary restraining order to stop the company's overhaul. The ruling clears the way for the $1.7 billion debt refinancing that Dynegy, the third-largest U.S. independent power producer, was preparing to close this week. Public Service Enterprise Group (PEG.N) opposed the reorganization because it feared it would not be able to enforce financing guarantees after Dynegy splits off gas and coal assets into new entities. Delaware Chancery Court Judge Donald Parsons said PSEG failed to show that there was the existence of imminent irreparable harm if the deal was allowed to close.
Dynegy Inc. (Dynegy) is a holding company and conducts the business operations through its subsidiaries. Shares of DYN fell by 3.21% or $-0.19/share to $5.72. In the past year, the shares have traded as low as $2.76 and as high as $6.92. On average, 1943410 shares of DYN exchange hands on a given day and today's volume is recorded at 1340883.
Public Service Enterprise Group Incorporated (PSEG) is a holding company that operates through three principal direct wholly owned subsidiaries: PSEG Power LLC (Power), Public Service Electric and Gas Company (PSE&G) and PSEG Energy Holdings LLC (Energy Holdings). Shares of PEG fell by 1.03% or $-0.34/share to $32.75. In the past year, the shares have traded as low as $30.15 and as high as $34.22. On average, 2650670 shares of PEG exchange hands on a given day and today's volume is recorded at 3232663.
Source
