Company Overview Visit dynegy.com website
Dynegy, Inc. is a US-based energy company that engages in the acquisition, production, and marketing of natural gas, power, and coal products. They are currently headquartered in Houston, Texas where they deal with business development and finance.
The company is named after the Greek δύνη (dunē) meaning power and γῆ (gē) meaning earth.
Dynegy was founded in 1984 as a subsidiary of Coastal Corp., but it was spun off as an independent company in 2002. Dynegy became a publicly traded company on the New York Stock Exchange that year, and distributed its shares to investors who owned those of Coastal Corp. and its subsidiaries. In 2006, Morgan Stanley bought out most of Dynegy Holdings' public shares for $4 billion, leaving Dynegy with $2 billion in debt at the time. The following year saw them file for bankruptcy protection under Chapter 11 due to their inability to repay their creditors.
In 2007, Dynegy was able to successfully exit from Chapter 11 bankruptcy with a restructuring of its debt and an influx of cash from private equity firm Blackstone Group. In 2008, they were indicted by the Federal Energy Regulatory Commission for allegedly manipulating prices in California power market from June through September of 2000, as well as for altering data to support those claims. The company paid a fine of $25 million as a result, but no employees or executives faced charges nor penalties. In 2011, Dynegy Holdings sought bankruptcy protection under Chapter 11 again due to the economic downturn and their failure to find a buyer after hiring an investment banking firm.