August 13, 2010 |
Private-equity firm Blackstone Group struck a deal Friday to buy power producer Dynegy Inc. for $543 million in cash and sell Dynegy plants in California and Maine to NRG Energy Inc. in the latest shake-up in the electricity industry. The deal values Dynegy at $4.7 billion including debt, which would make it one of the biggest buyouts of a power company since Kohlberg Kravis Roberts, TPG Capital and Goldman Sachs Group Inc. bought power company TXU Corp. for $32 billion in 2007.
August 11, 2009 |
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.
March 26, 2004 |
A former Dynegy Inc. executive was sentenced to 24 years in prison Thursday in an accounting fraud case that fell under tough new punishment rules aimed at discouraging corporate corruption. Jamie Olis is obliged to serve nearly all of his sentence because there is no parole in the federal system. He is 38, and could remain behind bars until he is 62. "I take no pleasure in sentencing you to 292 months," U.S. District Judge Sim Lake said in handing down the sentence.
August 13, 2002 |
Dynegy Inc. said it would not pay dividends in the third quarter and has no plans to reinstate them "in the near term." The Houston-based energy marketer said in a filing with the Securities and Exchange Commission that its board of directors elected to suspend dividends to focus on the company's plan to raise $2 billion to strengthen finances and improve its image on Wall Street. Dynegy said when the plan was unveiled in June that dividends would be cut in half.
July 16, 2002 |
Dynegy Inc. will take a second-quarter pretax charge of $500 million, more than expected, after the U.S. energy trader revised natural-gas sales figures. The Houston-based company had forecast $450 million, mostly for costs from its communications business and severance payments. The increase follows a review of results in its gas-marketing business, Dynegy said. The marketing charge alone will be about $125 million and comes as Dynegy and other traders face probes of their business practices.
October 9, 2007 |
A former Dynegy Inc. accountant serving six years for helping foster a multimillion-dollar fraud scheme has asked a federal court to set aside his convictions and free him from jail. According to the 106-page petition, prosecutors won Jamie Olis' conviction in part by violating his constitutional rights to present the defense of his choice.