Akin Gump Plays Key Role in Successful Conclusion to Edison Mission Energy Chapter 11 Cases
(New York) – Akin Gump served as legal advisor to the Official Unsecured Creditors’ Committee in the recently concluded chapter 11 bankruptcy cases of Edison Mission Energy (EME) and its affiliated debtors.
With EME completing its reorganization, unsecured creditors will receive approximately 90 to 100 percent recovery on their claims, depending on the applicable debtor entity—a much higher figure than anticipated when the firm was first retained. Through the chapter 11 plan, EME sold substantially all of its assets to NRG Energy, Inc. for a total purchase price of over $2.6 billion plus the assumption of substantial liabilities. In addition, after more than a year-long investigation co-led by Akin Gump, the chapter 11 plan incorporated a global settlement of all claims and disputes with EIX, EME’s parent company. The global settlement with EIX will result in approximately $1 billion of value for EME creditors.
Edison Mission was engaged in the business of developing, acquiring, owning or leasing, operating and selling energy and capacity from independent power production facilities. It filed for bankruptcy protection in December 2012 with more than $5 billion in liabilities.
Ira Dizengoff, a partner in Akin Gump’s financial restructuring practice, led the team advising the creditors’ committee.
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 850 attorneys in offices throughout the United States, Europe, Asia and the Middle East.