New York-listed Genco has sought protection with debt of $1.48bn and assets of $2.45bn, its court filing said, according to Bloomberg. 

The petitions aims to reduce the company's total debt by approximately $1.2bn and enhance its financial flexibility, a statement said.

Significant strengthening

John C. Wobensmith, chief financial officer, of the company, said: “Today, with the strong support of our lenders and noteholders, we are moving forward with our previously announced restructuring plan.

"We