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
Related Articles

Dominion Virginia Power shelves plans for offshore wind project

Dominion Virginia Power, a subsidiary of Dominion (NYSE: D), put plans to build an offshore wind project on hold.

Another measure to block advance of NC renewables law falls

North Carolina electric companies must keep planning to generate more power through alternative sources and other measures after an effort to freeze those requirements failed to advance Wednesday through a House committee.

Follow Power Engineering on Twitter
Latest News

Dominion Virginia Power shelves plans for offshore wind project

Dominion Virginia Power, a subsidiary of Dominion (NYSE: D), put plans to build an offshore w...

Coal ash recycling company successfully repurposes pond ash

The SEFA Group Inc. recently opened a stand-alone Staged Turbulent Air Reactor (STAR) facilit...

Hawaii energy park, Sandia National Laboratories to test energy storage

The Natural Energy Laboratory of Hawaii Authority (NELHA) has secured a deal with New Mexico-...

E.ON, GE wind farm reaches operation in Texas

E.ON and GE's (NYSE: GE) Energy Financial Services celebrated the opening of the Grandview Wi...

Feds move to speed approval for Great Plains wind projects

Federal officials are moving to speed up their review of wind power projects across the Upper...

Sempra U.S. Gas & Power acquires Minnesota wind project

Sempra U.S. Gas & Power has acquired the 78-MW Black Oak Getty wind project — in Stearns ...

Mississippi Power to build largest utility-scale solar projects in the state

Mississippi Power, a subsidiary of Southern Company (NYSE: SO), is partnering with two solar ...

Another measure to block advance of NC renewables law falls

North Carolina electric companies must keep planning to generate more power through alternati...
Power Engineering Current Issue
03/01/2015
Volume 119, Issue 3
1503pe-cover
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.

Archived Articles

2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015

Power Industry Wire News

Rockdale Resources Enters Into Letter of Intent to Acquire Working Interest in a Historical Oklahoma Oil Field

Rockdale Resources Enters Into Letter of Intent to Acquire Working Interest in a Histor...

Scorpio Tankers Inc. Announces Newbuilding Vessel Deliveries and Reminder for Upcoming Conference Call

Scorpio Tankers Inc. Announces Newbuilding Vessel Deliveries and Reminder for Upcoming ...

Falcon Crest Energy Searching for Opportunities Outside Oil and Gas Sector

Falcon Crest Energy Searching for Opportunities Outside Oil and Gas Sector

West Texas Resources, Inc. Announces Appointment of Paul Brogan to Board of Directors

West Texas Resources, Inc. Announces Appointment of Paul Brogan to Board of Directors

Younicos Commends U.S. Department of Energy Call for Energy Storage to Be Part of National Electricity Grid Infrastructure Improvements

Younicos Commends U.S. Department of Energy Call for Energy Storage to Be Part of Natio...

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 >>