This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Longview Power And Affiliates Commence Voluntarily Restructuring

MAIDSVILLE, W.Va., Aug. 30, 2013 /PRNewswire/ -- Longview Power, LLC today announced that it and certain of its affiliates, including Mepco Holdings, LLC and its affiliates, commenced Chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware. Both Longview and Mepco intend to operate their businesses as they continue to negotiate a chapter 11 plan with their lenders to de-risk their balance sheet. 

When able to operate at full capacity, Longview's 700 megawatt supercritical coal fired power generation facility is one of the most efficient coal-fired power plants in the country and has one of the lowest air emissions profiles of any such power plant. Construction failures and defects have prevented the power plant from operating reliably at its designed capacity. Longview's Mepco affiliate and its predecessors have engaged in coal mining and processing operations in and around West Virginia for more than 50 years. Currently, Mepco owns or operates three active underground coal mines and one active surface mine located in northern West Virginia and southwestern Pennsylvania.

"After careful consideration of available alternatives, the Company determined that filing for Chapter 11 was a necessary and prudent step that allows us to strengthen and operate our businesses without interruption while continuing to restructure the Company's balance sheet," said Jeffery Keffer, CEO of Longview Power. "The Company has been in consensual negotiations with our senior lenders toward a Chapter 11 plan to maximize value; those negotiations remain ongoing. We remain confident that the Company and our lenders will reach an agreement on the terms of a Chapter 11 plan in the near term."

"I want to make clear that we will continue to conduct business as usual and our operations and employees will not be affected by the Chapter 11 filing," Jim Laurita, Jr., CEO of Mepco added. "We will continue to provide our customers with the level of service they have come to expect from this great company and its employees. This is the best option the Company has to negotiate its balance sheet with the Company's lenders."

The Company has filed customary, so-called "first day" motions to ensure the Company obtains the benefits of the Chapter 11 filing and continues to operate its business in the ordinary course and without interruption. The Company expects that these motions will be heard by the Court immediately after Labor Day and will continue to operate in the ordinary course in the meantime.  Employees should expect that all payroll and benefits will continue as they have without interruption.

The Company has engaged Lazard as its investment banker and Alvarez & Marsal North America, LLC as its restructuring advisor. The Company is represented by Kirkland & Ellis LLP, as primary restructuring counsel, and Dentons US LLP for all issues related to Longview's pending arbitration proceedings. 

SOURCE Longview Power, LLC

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,001.22 -38.27 -0.22%
S&P 500 1,988.40 -3.97 -0.20%
NASDAQ 4,538.5510 +6.4470 0.14%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs