HOUSTON, May 16, 2022 /PRNewswire/ -- Talen Energy Supply ("TES" or the "Company") announced today that it has appointed Leonard LoBiondo to the role of executive vice president of restructuring. Mr. LoBiondo brings over 30 years of restructuring experience to TES and will report directly to the Company's CEO Alex Hernandez. LoBiondo will also work closely with the Restructuring Committee of the TES Board, chief financial officer, general counsel, and the Company's advisors to drive the Company's restructuring actions to maximize value, while leading stakeholder management activities.
"Our company is at an important inflection point as we transition from an operational turnaround to strategically re-positioning ourselves for long-term value creation. This transformation must also be accompanied by balance sheet repair and equity capital to drive long-term success of the Talen – Cumulus platform and our people," said Alex Hernandez, Chief Executive Officer, President, and Director of TES. "Len's leadership and expertise in constructing effective, value-enhancing solutions for companies, and his experience in stakeholder relations for a variety of industries will assist us in completing our restructuring activities. I am pleased to welcome Len to the team," Hernandez continued.
For more than 30 years, LoBiondo has provided professional services to major corporations and middle market businesses. He has advised a wide variety of stakeholders including examiners, secured/unsecured creditors, debtors, and management teams of companies undergoing restructuring processes. He has held various interim management positions and served on numerous boards of directors, including chief restructuring officer at NRG Energy where he also served on its board of directors. Other notable assignments include Allegheny Health, Education and Research Foundation, Allegheny International, Solutia, Sunbeam, Trans World Entertainment, Maxim Crane, and TWA.
Prior to his current role, Mr. LoBiondo served as senior managing director and co-chief operating officer of Kroll Zolfo Cooper, providing strategic advice on restructuring matters. Prior to joining Kroll Zolfo Cooper, he was employed with Arthur Andersen and Deloitte, Haskins & Sells (now Deloitte).
LoBiondo is a graduate and former trustee of Villanova University, Villanova, Pa., where he received a B.S. in Accounting. He is a former practicing Certified Public Accountant (CPA) and Certified Insolvency and Restructuring Advisor (CIRA), and member of the American Institute of Certified Public Accountants, New Jersey Society of CPAs, and the Association of Insolvency and Restructuring Advisors.
About Talen Energy Supply
TES is one of the largest competitive power generation and infrastructure companies in North America. TES owns and/or controls approximately 13,000 Megawatts of generating capacity in wholesale U.S. power markets, principally in the Mid-Atlantic, Texas and Montana.
Through its subsidiary, Cumulus Growth, TES parent company, Talen Energy Corporation, is developing a large-scale portfolio of renewable energy, battery storage, and digital infrastructure assets across its expansive footprint. For more information, visit https://www.talenenergy.com/esg-focused-future/
On May 9, 2022, TES and certain of its affiliates filed for chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. The cases are pending before the Honorable Marvin Isgur, and are jointly administered under Case No. 22-90054. Talen Energy Corporation, Cumulus Growth subsidiaries, LMBE-MC Holdco II LLC and its subsidiaries, and Talen Receivables Funding (TRF) are not part of the filing. For more information, visit https://www.talenenergy.com/maximizing-value-for-our-stakeholders/.
Taryne Williams, Director Corporate Communications
SOURCE Talen Energy Corp.