Dynegy Reaches Tentative IPH Debt Restructuring Deal
We are reaffirming our $17 per share fair value estimate, no economic moat, and stable moat trend ratings after Dynegy reached a tentative agreement to shrink Illinois Power Holdings' capital structure. While the debt reduction would increase our fair value estimate approximately $1 per share, we think the deal is still too uncertain to make any changes right now. We are waiting for approval from all IPH debtholders. The current principle agreement was negotiated with 64% of IPH debtholders.The...
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