Court Clears Edison Mission Creditors to Vote on Exit Plan

"A bankruptcy judge Wednesday authorized Edison Mission Energy's creditors to begin voting on the company's plan to exit Chapter 11 protection by way of its $2.6 billion sale to NRG Energy Inc. (NRG).

Judge Jacqueline P. Cox of the U.S. Bankruptcy Court in Chicago approved Edison Mission's disclosure statement, the plain-language version of the company's restructuring plan that creditors will use to determine whether to support the plan.

'Today is a monumental day for these cases,' Edison Mission's bankruptcy attorney, Joshua Sussberg, told the packed courtroom at Wednesday's hearing, which came one year and one day after Edison Mission filed for Chapter 11 protection."

This article appeared in its entirety in the December 16, 2013 edition of Dow Jones Daily Bankruptcy Review.