NRG Energy misses bond payment again

MINNEAPOLIS (AP) -- NRG Energy Inc., the debt-strapped wholesale power generating unit of Xcel Energy Inc., announced Thursday it did not meet the deadline to pay $25 million in principal and interest to owners of some of its bonds.

NRG missed the Wednesday deadline to make the payments, putting the company in default on $600 million worth of unsecured debt.

"NRG intends to submit to its lenders and bondholders a comprehensive restructuring plan by late October," said Richard C. Kelly, NRG presidentr.

The default was the second one by NRG this month. Two weeks ago it missed a $47 million payment on $800 million in bonds backed by power plants in the southern United States.

Unlike the previous default, the current bonds are not secured by any NRG assets.