Press Releases

EME Reorganization Trust Announces Final Cash Liquidation Distribution

WASHINGTON, Dec. 26, 2016 /PRNewswire/ -- EME Reorganization Trust (OTCBB: EMEZU) announced that its board of managing trustees has approved a final net cash liquidation distribution of $0.00908 per beneficial interest (the "Distribution"). The Distribution will be paid on December 29, 2016 to all holders of record of beneficial interests as of such date. Immediately prior to the distribution, there will be 3,853,697,304 issued and outstanding beneficial interests of the Trust.

Payment Date: December 29, 2016
Net Distribution Amount: $0.00908 per beneficial interest

The Distribution is being made out of the remaining funds of the EME Reorganization Trust and constitutes the final distribution to be made by the EME Reorganization Trust. The distribution shall be effectuated through a mandatory redemption all beneficial interests in the EME Reorganization Trust. As a result of the mandatory redemption, all beneficial interests in the EME Reorganization Trust shall be cancelled in exchange for the proceeds of the final liquidation distribution.

The gross amount of the distribution will be approximately $41.17 million. After taking into account certain fees payable to Bluescape Advisors LLC, which were previously approved by the Bankruptcy Court, and certain wind-down related costs and expenses, the net distribution to holders of beneficial interests will be approximately $34.99 million.

Following the final distribution, the total aggregate gross recovery to unsecured creditors under the Third Amended Joint Chapter 11 Plan of Reorganization (with Technical Modifications) for Edison Mission Energy and certain of its subsidiaries (the "Plan") will be approximately $3.631 billion, representing a 94.2% gross recovery.

EME Reorganization Trust was formed in connection with the confirmation and consummation of the Plan. The Plan became effective on April 1, 2014. The primary purpose of the EME Reorganization Trust is to resolve claims, liquidate remaining assets and make distributions as appropriate to holders of its beneficial interests.

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EME Reorganization Trust Announces Cash Distribution

WASHINGTON, D.C., AUGUST 31, 2015 /PR Newswire/ -- EME Reorganization Trust (OTCBB: EMEZU) announced that its board of managing trustees has approved a net cash distribution of $0.00515 per beneficial interest. The distribution will be paid on September 24, 2015 to all record holders of beneficial interests as of the close of business on September 14, 2015. Immediately prior to the distribution, there will be 3,853,697,304 issued and outstanding beneficial interests of the Trust.

Record Date: September 14, 2015

Payment Date: September 24, 2015

Net Distribution Amount: $0.00515 per beneficial interest

The distribution is being made out of (a) funds released from the disputed claims reserve as a result of (i) the resolution of claims asserted by General Electric Railcar Services Corporation, the Illinois Department of Revenue, Cargo Carriers and the Chicago Bears Football Club and (ii) a reduction in the amount of the claim asserted by Liberty Mutual Insurance Company and (b) cash receipts related to Edison Mission Finance Company’s intercompany claim against EME Homer City Generation LP.

The gross amount of the distribution will be approximately $23.3 million. After taking into account certain fees payable to Bluescape Advisors LLC, which were previously approved by the Bankruptcy Court, the net distribution to holders of beneficial interests will be approximately $19.8 million.

EME Reorganization Trust was formed in connection with the confirmation and consummation of the Third Amended Joint Chapter 11 Plan of Reorganization (with Technical Modifications) for Edison Mission Energy and certain of its subsidiaries (the Plan). The Plan became effective on April 1, 2014. The primary purpose of the EME Reorganization Trust is to resolve claims, liquidate remaining assets and make distributions as appropriate to holders of its beneficial interests.

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EME Reorganization Trust Announces Cash Distribution

WASHINGTON, DC, March 10, 2015 /PRNewswire/ -- EME Reorganization Trust (OTCBB: EMEZU) announced that its board of managing trustees has approved a net cash distribution of $0.02674 per beneficial interest. The distribution will be paid on March 31, 2015 to all record holders of beneficial interests as of the close of business on March 20, 2015. Immediately prior to the distribution, there will be 3,853,697,304 issued and outstanding beneficial interests of the Trust.

Record Date: March 20, 2015

Payment Date: March 31, 2015

Net Distribution Amount: $0.02674 per beneficial interest

The distribution is being made out of funds released from the disputed claims reserve as a result of (i) a settlement resolving a rejection damages claim asserted by Commonwealth Edison Company and (ii) a settlement with the Pennsylvania Department of Revenue resolving certain disputes regarding the gross receipts tax liability of Edison Mission Marketing & Trading, Inc. (formerly a non-debtor subsidiary of Edison Mission Energy) for the 2005 – 2010 tax years, which has made it possible for the EME Reorganization Trust to release approximately $114.9 million of the approximately $115.3 million that was reserved on account of such disputed liability.

The gross amount of the distribution will be approximately $121.2 million. After taking into account certain fees payable to Bluescape Advisors LLC, which were previously approved by the Bankruptcy Court, the net distribution to holders of beneficial interests will be approximately $103 million.

EME Reorganization Trust was formed in connection with the confirmation and consummation of the Third Amended Joint Chapter 11 Plan of Reorganization (with Technical Modifications) for Edison Mission Energy and certain of its subsidiaries (the Plan). The Plan became effective on April 1, 2014. The primary purpose of the EME Reorganization Trust is to resolve claims, liquidate remaining assets and make distributions as appropriate to holders of its beneficial interests.

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EME Reorganization Trust Announces Cash Distribution

SANTA ANA, Calif., October 15, 2014 /PR Newswire/ -- EME Reorganization Trust (OTCBB: EMEZU) announced that its board of managing trustees has approved a cash distribution of $0.1009262 per beneficial interest. The distribution will be paid on October 31, 2014 to all record holders of beneficial interests as of the close of business on October 24, 2014. Immediately prior to the distribution, there will be 3,853,697,304 issued and outstanding beneficial interests of the Trust.

Record Date: October 24, 2014

Payment Date: October 31, 2014

Distribution Amount: $0.1009262 per beneficial interest

The distribution is being made out of (i) proceeds from the sale of certain zero coupon unsecured notes that were previously issued by Edison International (NYSE: EIX) to the Trust and (ii) funds released from an escrow account in connection with the EIX settlement. The aggregate amount of the distribution will be approximately $388.9 million.

EME Reorganization Trust was formed in connection with the confirmation and consummation of the Third Amended Joint Chapter 11 Plan of Reorganization (with Technical Modifications) for Edison Mission Energy and certain of its subsidiaries (the Plan). The Plan became effective on April 1, 2014. The primary purpose of the EME Reorganization Trust is to resolve claims, liquidate remaining assets and make distributions as appropriate to holders of its beneficial interests.

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EME Reorganization Trust Closes Sale of EIX Notes

SANTA ANA, Calif., Sept. 25, 2014 /PR Newswire/ -- EME Reorganization Trust (OTCBB: EMEZU) announced that it has consummated the sale of certain zero coupon unsecured notes (the "EIX Notes") that were previously issued by Edison International (NYSE: EIX) to the EME Reorganization Trust (the "Trust") on September 8, 2014. An unaffiliated third party purchased all the EIX Notes from the Trust at an aggregate purchase price of $400,207,812.94.

The Trust is planning to make a cash distribution to its beneficiaries, consistent with past distributions, in the fourth quarter of 2014.

The Trust was formed in connection with the confirmation and consummation of the Third Amended Joint Chapter 11 Plan of Reorganization (with Technical Modifications) for Edison Mission Energy and certain of its subsidiaries (the "Plan"). The sale by the Trust of its interest in the EIX Notes was expressly contemplated by, and authorized under, the Plan and entry of the Confirmation Order by the Bankruptcy Court.

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EME Reorganization Trust Announces Resolution of Final Tax Schedule under EIX Settlement Agreement

SANTA ANA, CALIFORNIA—August 29, 2014—EME Reorganization Trust (OTCBB: EMEZU) announced that it has entered into an agreement with Edison International (NYSE: EIX) that settles the final amounts payable to the EME Reorganization Trust (the "Trust") by Edison International ("EIX") related to certain tax attributes of Edison Mission Energy ("EME") as contemplated by the Settlement Agreement between EIX, EME and certain former creditors of EME.

The settlement provides that EIX will issue, execute and deliver to the Trust, on or before September 8, 2014, (a) zero coupon unsecured notes due September 30, 2015 in an aggregate principal amount of $203,619,052 and (b) zero coupon unsecured notes due September 30, 2016 in an aggregate principal amount of $213,955,857.

EIX and the Trust further agreed to distribute all cash and other assets in an escrow account that was set up by the parties under the Settlement Agreement, with $1,300,000 being released to EIX and the remainder (approximately $48,700,000) being distributed to the Trust. Upon distribution of the escrow assets, EIX will have no further recourse for any indemnity, liability or damages against the Trust, its assets or any of the EME released parties under the Settlement Agreement.

EME Reorganization Trust was formed in connection with the confirmation and consummation of the Third Amended Joint Chapter 11 Plan of Reorganization (with Technical Modifications) for EME and certain of its subsidiaries (the Plan). The Plan became effective on April 1, 2014. The primary purpose of the EME Reorganization Trust is to resolve claims, liquidate remaining assets and make distributions as appropriate to holders of its beneficial interests.

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EME Reorganization Trust Announces Cash Distribution

SANTA ANA, Calif. - July 15, 2014 - EME Reorganization Trust (OTCBB: EMEZU) announced that its board of managing trustees has approved a cash distribution of $0.02394 per beneficial interest. The distribution will be paid on July 31, 2014 to all record holders of beneficial interests as of the close of business on July 21, 2014. Immediately prior to the distribution, there will be 3,853,697,304 issued and outstanding beneficial interests of the Trust.

Record Date: July 21, 2014
Payment Date: July 31, 2014
Distribution Amount: $0.02394 per beneficial interest

The distribution is the result of the successful resolution by the EME Reorganization Trust of certain previously disputed claims and the true up process related to the final purchase price in the NRG sale transaction. These actions resulted in a release of excess amounts that had been set aside in certain reserve accounts in the aggregate gross amount of approximately $98.3 million.

EME Reorganization Trust was formed in connection with the confirmation and consummation of the Third Amended Joint Chapter 11 Plan of Reorganization (with Technical Modifications) for Edison Mission Energy and certain of its subsidiaries (the Plan). The Plan became effective on April 1, 2014. The primary purpose of the EME Reorganization Trust is to resolve claims, liquidate remaining assets and make distributions as appropriate to holders of its beneficial interests.

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Edison Mission Energy Plan of Reorganization Approved by U.S. Bankruptcy Court

ROSEMEAD, Calif. - March 11, 2014 – Edison International (NYSE:EIX) today announced that Edison Mission Energy’s (EME) Plan of Reorganization was approved today by the U.S. Bankruptcy Court. The approved Plan incorporates the Settlement Agreement reached on February 18, 2014, between EME, Edison International, and certain of EME’s creditors. This approval will allow the Settlement, as well as the planned sale of substantially all of EME’s assets and stock of subsidiaries to NRG Energy, Inc., to be implemented. [Continue Reading]

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NRG Energy Enters into Agreement to Acquire Edison Mission Energy

PRINCETON, N.J. and SANTA ANA, CA. - October 18, 2013 - NRG Energy, Inc. (NYSE: NRG) has entered into a plan sponsor agreement with Edison Mission Energy (EME), certain of EME’s subsidiaries, the unsecured creditors committee, certain of EME’s unsecured noteholders, and the parties to the Powerton and Joliet sale leaseback transaction to acquire substantially all of the…[Continue Reading]

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Edison Mission Energy Reaches Agreement to Facilitate Consensual Equity Turnover and Substantial Debt Reduction

SANTA ANA, California – December 17, 2012 – Edison Mission Energy (“EME” or “the Company”) today announced that it has reached an agreement with the holders of a majority of EME’s $3.7 billion of outstanding public indebtedness (“the Noteholders”) and its parent company, Edison International (NYSE: EIX), that, pursuant to a plan of reorganization and…[Continue Reading]