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Dynegy to sell 9 plants, posts loss

August 11, 2009|Times Wire Reports

Power provider Dynegy Inc. will sell eight plants plus another under development for about $1 billion in cash and $500 million in stock as the company tries to bolster its finances and reduce debt.

Houston-based Dynegy reported that its second-quarter loss widened 27% as it wrote down the value of some of the plants it will sell to former development partner LS Power Associates and because of falling energy prices.

Losses for the quarter that ended June 30 totaled $345 million, or 41 cents a share, compared with $272 million, or 32 cents, a year earlier. Revenue rose 53% to $493 million.

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