Exelon Corp. announced on November 7, 2017, that its Texas subsidiary ExGen Texas Power (EGTP) Holdings LLC and ExGen Texas Power LLC filed for Chapter 11 bankruptcy with hopes of reducing debt at the companies.
Exelon Corp has hired a debt restructuring adviser to help evaluate options for its merchant power plant subsidiary ExGen Texas Power LLC. The move comes as merchant power plants such as ExGen Texas Power, which burn fuels such as natural gas to generate electricity and then sell it onto the grid, struggle to cope with massive swings in energy prices. ExGen had approximately $650 million in debt.
EGTP owns two combined-cycle gas plants, two gas-fired steam boilers and one small simple-cycle plant. Inexpensive gas has been pushing coal off the grid in some markets, and wind power in Texas is now having some of the same effect on gas.
Soreide Law Group has had several lawsuits filed on behalf of our clients against broker/dealers due to the recommendation of high-risk energy investments which had been recommended for our low to moderate risk clients. These investments are not suitable for a client who is interested in maintaining a low-risk portfolio with retirement in mind. Often the client has sustained devastating losses to their irreplaceable retirement funds. There are many objectives the broker/dealers need to evaluate before they place a client in a high-risk investment. Dozens of energy-related companies have filed for bankruptcy since 2015 due to the plummeting prices of crude oil.
If your broker/dealer or financial advisor recommended the now bankrupt, ExGen Texas Power (EGTP) Holdings LLC and ExGen Texas Power LLC, call Soreide Law Group for a free consultation with a securities lawyer. Soreide Law Group files cases in all 50 states before FINRA. If Soreide Law Group takes your case they will advance all costs and only get paid if you make a monetary gain. Contact: https://www.securitieslawyer.com or call 888-760-6552.
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