Uncategorized

Shaw petitions to place LSP-Pike Energy into involuntary bankruptcy


Oct. 18, 2002 – The Shaw Group Inc. announced that it has filed an involuntary petition for liquidation of LSP-Pike Energy, LLC (Pike), under Chapter 7 of the Bankruptcy code in the United States Bankruptcy Court for the Southern District of Mississippi, Jackson Division.

The company has also filed suit against Pike’s parent company, NRG Energy, Inc. (NRG), and its parent, Xcel Energy, Inc. (Xcel) , along with its officers in the United States District Court for the Southern District of Mississippi, Jackson Division.

On August 5, 2002, Shaw announced that it had entered into an agreement with Pike, and its parent NRG, a subsidiary of Xcel, to acquire substantially all of the assets of the Pike project in exchange for forgiveness of sums owed to the company, and the payment of $43 million by the company to NRG. To date, the Board of NRG and its lenders have not approved the agreement.

The Shaw Group Inc. is a vertically-integrated provider of comprehensive engineering, procurement, pipe fabrication, construction and maintenance services to the power, process and environmental & infrastructure sectors.

Shaw is headquartered in Baton Rouge, Louisiana, and currently has offices and operations in North America, South America, Europe, the Middle East and Asia-Pacific. Shaw employs more than 20,000 people annually. Additional information on The Shaw Group is available at www.shawgrp.com.