Dynegy Inc., a Houston-based power company, has filed for bankruptcy protection in order to merge with its bankrupt subsidiary Dynegy Holdings as part of a reorganization plan. Last year, Dynegy had more than $5 billion in debt.

According to the Wall Street Journal, the company’s coal and natural gas power plants will continue to operate as usual during the bankruptcy process. Dynegy has been struggling the past few years as electricity prices have fallen.

As part of its reorganization plan, Dynegy will pay its creditors 59 to 89 cents on the dollar. It plans to merge with Dynegy Holdings, which filed for bankruptcy in November, to keep its assets under one holding company.

If you need legal guidance during your bankruptcy process, contact the experienced bankruptcy attorney Ryan J. Really, Attorney at Law, PLLC today at (239) 237-0675.