Just Another Day In California
DJ So. Calif Edison Hasn't Paid $395M Of Commercial Paper
*DJ So. Calif Edison Didn't Pay $5.1M In Interest Due Feb. 11
*DJ So. Calif Edison Has Deferred $743M Owed Power Exchange
*DJ So. Calif Edison Has Cash Reserve Of $1.36B On Feb. 5
*DJ So. Calif Edison: Bank Lenders Forbear Until Feb. 13
*DJ Suit Vs So Calif Ed Alleges Illegal Transfer Of Deposits
*DJ Suit Vs So. Calif Ed Involves Alleged Customer Deposits
*DJ Suit Vs So. Calif Edison Seeks $4.8B In Restitution
DJ So. Calif Edison -2: $136M Comml Paper Still Outstanding
WASHINGTON (Dow Jones)--Southern California Edison Co. said it failed to pay about $395 million of maturing commercial paper from Jan. 16 through Monday, according to a Form 8-K filed late Monday with the Securities and Exchange Commission.
SoCal, a unit of Edison International Inc. (EIX), has about $136 million of commercial paper still outstanding that matures at various times during February, March and April 2001, according to the filing.
Last Thursday, SoCal failed to pay an interest installment of about $5.1 million on its floating rate notes due 2002.
Under the indenture for SoCal's senior unsecured notes, the failure to pay principal was an immediate event of default on one series of notes on which the principal was due, and the failure to pay interest on other series of notes will become an event of default as to each affected series if not rectified within 30 days.
(MORE) DOW JONES NEWS 02-05-01
06:17 PM
DJ So. Calif Edison -3: Says Could've Run Out Of Cash Friday
SoCal's current cash flow forecast shows that, if SoCal had paid all obligations as they became due, SoCal would have run out of cash Friday.
SoCal didn't make a payment due to the California Power Exchange for energy purchases by the California Independent System Operator of about $34 million.
Through Monday, SoCal has deferred payments for purchased power and related services totaling about $743 million to the California Power Exchange, California Independent System and qualifying facilities.
Through Feb. 28, about $733 million of additional purchased power payments will become due to the California Power Exchange, California Independent System and qualifying facilities. These amounts don't include payments which will become due after such dates for power delivered before such dates.
In addition, as of Monday, SoCal has withheld payment of $79.8 million of California Power Exchange energy credits for energy service providers. As of Monday, SoCal has cash reserves of about $1.36 billion.
(MORE) DOW JONES NEWS 02-05-01
06:28 PM
DJ So. Calif Edison -4: General Re Seeks $8.8M Payment
General Re Financial Products Corp., the counterparty on an interest rate swap agreement entered into by SoCal, has obtained an ex parte order of attachment from a federal district court in New York covering an account of SoCal with a New York bank having a balance of about $1.6 million.
General Re is seeking payment of $8.8 million for early termination of the swap agreement. SoCal has filed a motion with the court to have the order of attachment vacated.
(MORE) DOW JONES NEWS 02-05-01
06:30 PM
DJ So. Calif Edison-5: Fire To Disable Plant For Several Wks
According to the Form 8-K, on Saturday, Unit 3 at SoCal's San Onofre Nuclear Generating Station experienced a fire due to an electrical fault in the non-nuclear portion of the plant.
Based on an initial assessment of the damage, SoCal expects that the plant will remain out of service for at least several weeks. A detailed return to service plan is under development pending completion of the damage assessment and the determination of the duration for necessary repairs.
(MORE) DOW JONES NEWS 02-05-01
06:36 PM
DJ So. Calif Edison -6: Plaintiff In Suit Not Identified>EIX
Last Wednesday, SoCal was provided with a copy of a complaint filed against the company, Edison International and unnamed related parties in Orange County Superior Court in California, the Form 8-K said.
The plaintiff, who purports to sue as a representative of customers who have placed deposits with SoCal as security for electric service, alleged that SoCal has transferred $4.8 billion to Edison and the other defendants over the last four years in violation of California's Uniform Fraudulent Transfer Act and has engaged in unfair business practices in violation of California law.
The complaint seeks avoidance of the alleged transfer of funds, restitution in the amount $4.8 billion, issuance of a writ of attachment and other relief.
SoCal and Edison International have yet to be served with the complaint and cannot predict the outcome of this case, according to the filing.
The customers on whose behalf the complaint was filed weren't named in the filing. The name of the plaintiff wasn't provided either. |
