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Reliant Energy Channelview files liquidation plan
By Caroline Salls
Pittsburgh, Sept. 9 - Reliant Energy Channelview LP filed its plan of liquidation and related disclosure statement Monday with the U.S. Bankruptcy Court for the District of Delaware.
As previously reported, the company closed the sale of its Channelview cogeneration plant on July 1. The plant sale proceeds and proceeds from the sale of the company's remaining assets will be used to make distributions to plan creditors.
Treatment of creditors will include:
• Holders of administrative claims, priority tax claims, other priority claims, secured lender claims and general unsecured claims will recover 100% in cash;
• Holders of other secured claims will recover 100% either in cash or through the return of the collateral securing the claim;
• Holders of intercompany claims will receive no distribution; and
• Holders of equity interests will receive all remaining assets after payment of all other allowed claims in full and after sale stipulation distributions are made.
Reliant subsidiary Reliant Energy Channelview, a Houston-based provider of electricity and energy services to retail and wholesale customers, filed for bankruptcy on Aug. 20, 2007. Its Chapter 11 case number is 07-11160.
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