IPPs and Merchant Energy Co.s Message Board

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Strategies & Market Trends : IPPs and Merchant Energy Co.s

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To: tom pope who wrote (3337)	12/1/2005 11:36:47 PM
From: Oeconomicus	of 3358

Hey, Judge Lynn has opened some space on his docket for Calpine: HOUSTON, Dec 1 (Reuters) - Power producer Mirant Corp. said on Thursday a U.S. bankruptcy court judge had approved the company's restructuring plan, clearing the way for it to emerge from bankruptcy in the coming weeks. "The plan, as confirmed today by the bankruptcy court, satisfies the claims of our creditors and provides a meaningful return to our shareholders," a company spokesman said in an email to Reuters. Mirant filed for Chapter 11 bankruptcy protection in July 2003 after it was unable to restructure its debts in the wake of the merchant electricity market collapse. The restructuring plan, which was approved by most of the Atlanta-based company's creditors and shareholders last month, will reduce its debt load by about 50 percent, or $7 billion, it said. The company has said it expects to exit the bankruptcy proceedings later this month or in early January. yahoo.reuters.com

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