Akin Advises Creditor Group as Talen Energy Completes Successful Restructuring

Akin has advised an ad hoc group of first lien creditors of Talen Energy, one of the largest competitive power generation and infrastructure companies in North America, as Talen announced the completion of its strategic restructuring transactions.

The chapter 11 reorganization plan includes the full repayment of $848 million owed to the first lien creditors, as well as the payment of an agreed-upon make-whole premium and postpetition interest. The plan also contemplates a $1.4 billion common equity rights offering, a $1.2 billion private offering of senior secured notes, a $700 million revolving credit facility, a $580 million Term Loan B credit facility, a $470 million Term Loan C credit facility and a $75 million bilateral line of credit.

The Akin team was led by financial restructuring partners Ira Dizengoff, Scott Alberino and Brad Kahn and included corporate & finance partner Jaisohn Im, restructuring litigation partners Marty Brimmage and Lacy Lawrence, real estate partner John Bain, special situations and private credit co-leader Daniel Fisher, tax partners Alison Chen and Brandon Morris, labor and employment partners Lauren Leyden and Desiree Busching; senior counsel Roxanne Tizravesh; counsel Kate Doorley, Alex Antypas, Chris Gessner and Nicholas Lombardi; and associate Joe Szydlo.

More details on the transaction can be found here.

Akin is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.