Dynegy announces further losses and asset sale

Wholesale power provider Dynegy has implemented a cost-cutting scheme and plans to sell nine power projects after announcing a $345 million second quarter net loss.

Dynegy will receive $1.025 billion in cash and will get back 245 million of its Class B shares in a transaction with fellow power generator LS Power. It will involve the sale of five peaking and three combined-cycle generation assets, as well as Dynegy's remaining interest in a project currently under construction in Texas. The transaction is expected to close in the second half of 2009.

According to a statement from Dynegy, this will significantly add to its liquidity, allowing it to address

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