Deals
Dynegy’s Transfer of Power Plants Fraudulent, Examiner Says
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Dynegy Inc. closed at a record low after a court-ordered investigation found that its purchase of coal-fired power plants from a unit that later filed for bankruptcy was fraudulent and harmed creditors.
Dynegy plunged 36 percent to 76 cents in New York Stock Exchange composite trading, bringing the past year’s decline to 86 percent. The Houston-based company put subsidiary Dynegy Holdings LLC and four of its units into bankruptcy in November after moving ownership of the plants to the parent.