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01 December 2002

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NRG faces Chapter 11 move

NRG Energy faces a move by former executives to force it into involuntary Chapter 11 proceedings. Five former executives at NRG have filed a petition with the US Bankruptcy court for the district of Minnesota seeking to have it put into protection. They include its former treasurer, Brian Bird, Leonard Blum, its former CFO, and David Peterson, its former CEO.At issue are severance payments due to the executives after their resignations, thought to total over $20 million. These would be assessed by a bankruptcy judge in the event of a filing. Speculation that a hedge fund is backing the efforts by the five is apparently unfounded.NRG, meanwhile, says that the filing does not affect its operations, and that it will continue work on a restructuring in the interim. A hearing is scheduled for December, during which a judge will accept or dismiss the motion. Tellingly, NRG Energy says that the claim would be assessed in the event of a...

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