The company produces electricity and sells it on the open market. Dynegy's coal and natural gas-fired power plants are owned by separate subsidiaries that aren't part of the bankruptcy filing. Dynegy filed for Chapter 11 protection as part of an ongoing plan to manage debts that topped $5 billion last year. The reorganization plan calls for paying creditors 59 to 89 cents on the dollar in cash and equity. Dynegy said Monday that President and CEO Robert Flexon will remain on the board under its reorganization plan. The proposed chairman is Pat Wood III, who has served as a principal of Wood3 Resources, an energy infrastructure developer, since July 2005.