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I really don’t know much about bankruptcy law, but here is my take on it.

EME already defaulted, so what bondholders receive is now up to the bankruptcy judge.

It sounds like NRG and the creditors have AGREED on a reorg plan, so the judge will probably approve it.

The details of the reorg may be somewhere in those dockets that Joel linked or will be disseminated later.

From my past experience with BK workouts, I’m guessing we may get cash, NRG stock, or a new bond (or a combination of the above), but I’ve never gotten an existing bond reinstated after a chapter 11. But maybe NRG will find keeping the non-recourse debt alive to their advantage.

Like I said, I know nothing about BK law, I’m just guessing from past experience in my BK bonds.

Maybe someone else here can give a professional opinion.
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