Mirant release reorganization plans

20 January 2005 - US energy company Mirant filed its proposed Plan of Reorganization and Disclosure Statement on Wednesday, putting into motion a process intended to allow the company to emerge from Chapter 11 protection by mid-year.

The Plan sets out the overall structure of the company and how the claims of creditors and stockholders are to be treated.

"The filing of this Plan of Reorganization represents a key step toward our goal of emerging from Chapter 11 protection by mid-year," said Marce Fuller, President and Chief Executive Officer, Mirant. "We believe this Plan allows Mirant to emerge as a stronger, more competitive company capable of managed growth and re-listing on a major stock exchange. Importantly, the Plan proposes to significantly reduce balance sheet debt, allow Mirant to retain all current U.S. and International assets and operations, and secure adequate financing. Continued service and sufficient credit support for customers would be ensured."

Under the Plan, over $5bn of debt, and over $1bn of other claims, being converted to equity.

"This plan, which we believe properly positions Mirant for a prompt exit from Chapter 11, is the product of extensive negotiations between the company and its official committees," said M. Michele Burns, Mirant's Chief Restructuring Officer and Chief Financial Officer.

Last week Mirant agreed to pay $458m to settle claims it received unfairly high prices for electricity it sold to California utilities during the western US energy crisis of 2000-2001. At the same time, other parties to the settlement attached different values to the agreement.

Sponsored by FLSmidth
Recommend this article Recommend this article () You recommended this article You recommended this article ()
Follow Power Engineering on Twitter

Products Showcase

Dynamic Fluoride Ion cleaning DFIC of industrial natural gas turbines Hi-Tech Furnace Systems

Dynamic Fluoride Ion Cleaning of IGT Parts

The Dynamic Fluoride Ion Cleaning (DFIC) Process from Hi-Tech Furnace Systems is able to clean deep, narrow cracks of oxides by cycling between negative, atmospheric, and positive pressure.

Latest News

Shutterstock coal production trucks

Weekly Coal Production

The Weekly Coal Production shows how much coal is being produced across the U.S.

Federal Reserve Bank of Dallas Weekly Economic Indicators financial business

The Federal Reserve Bank of Dallas' Economic Indicators

The Federal Reserve Bank of Dallas offers a glimpse into how the markets are doing domestical...

Kvaerner awarded contract for gas-fired power plant in Delaware

Kvaerner North American Construction Inc. and its joint venture partner, Parsons Brinckerhoff...

Canadian Solar purchases two solar projects

Canadian Solar Inc. has acquired a majority interest in two utility-scale solar power project...

Operators Restart Unit 2 at PPL Susquehanna

Unit 2 at the PPL Susquehanna nuclear power plant near Berwick, Pa. resumed generating electr...

Settlement agreement limits cost recovery at Edwardsport

The Indiana Utility Regulatory Commission (IURC) on Dec. 27 modified and approved a settlemen...

Toshiba in talks to sell portion of Westinghouse nuclear unit

Toshiba Corp is in talks  to sell up to 16% of its stake in the Westinghouse Electric Co...

Utah nixes nuclear waste storage facility

Plans to park radioactive waste at a storage facility in Utah have been officially called off.

Archived Articles

2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013

Current Magazine Issue

Volume 117, Issue 8

Buyers Guide Company Listings

Datapartner Inc

Our software Invest for Excel is used by more than 100 power companies worldwide for capital budgeting, financial modeling and valuation. We also offer a Sharepoint solution for capex portfolio.

Interdevelopment Inc

Offers management consulting and marketing, financing for power plants, particularly energy production by renewable fuels, such as wind/solar/biomass power, including compliance issues.

The Clifton Corp

Engineering and development company specializing in water resources, hydro and solar power and biogas/methane facilities. Provides development services from engineering, economic and financial feasibility to financing and operations and maintenance.

Valentin Software Inc

Valentin Software is the largest, most comprehensive and oldest developer of solar PV and thermal design, simulation, modeling and financial analysis software, with customers in over 70 countries.

Power Industry Wire News

LPP Combustion CEO to Present Revolutionary Clean Technology at ASME 2014 Power Conference

LPP Combustion CEO to Present Revolutionary Clean Technology at ASME 2014 Power Confere...

WindStream Technologies Shareholder Update

WindStream Technologies Shareholder Update

HydroPhi Technologies Group, Inc. Completes $700,000 Financing

HydroPhi Technologies Group, Inc. Completes $700,000 Financing

Ideal Power Secures Multi-Year Purchase Agreement With Sharp Electronics

Ideal Power Secures Multi-Year Purchase Agreement With Sharp Electronics

Wyoming: Part Seven of Coal-Fired Profiles of Nine States Suing EPA Over Clean Power Plan, an Industrial Info News Alert

Wyoming: Part Seven of Coal-Fired Profiles of Nine States Suing EPA Over Clean Power Pl...

Power Engineering

Article Archives for Power Engineering Magazine

Continuing Education

Professional Development Hours

To access a course listing associated to a specific topic listed below, click on the topic of choice from the list below.

Latest Energy Jobs

View more Job Listings >>