A $30 million piece of NRG Energy bank debt was slated to be auctioned in the low to mid 50s last week following the company's announcement that its creditors voted "overwhelmingly in favor" of a proposed plan of reorganization. Whether or not that auction was ever completed could not be determined. One dealer said about half the amount of the proposed auction changed hands, but that information could not be confirmed. Late in the week, the name was quoted in the 53-55 range, holding steady in front of a hearing for the judge to confirm NRG's plan of reorganization. Assuming that the judge certifies the creditor votes and confirms the plan of reorganization, the company is targeting the first week in December for emergence from bankruptcy, noted an NRG spokesman.
NRG Seller Comes To Market