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Non-Tech : Williams Companies, Inc. (WMB)

WMB 57.87

+0.4%

Oct 31 9:30 AM EST

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To: Jerome who wrote (234)	8/15/2002 12:40:19 AM
From: James Calladine	Read Replies (2) of 271

NOT ACCORDING TO THIS FOR DYN: Dynegy may face bankruptcy Energy trader says it cannot certify results By CBS.MarketWatch.com Last Update: 10:56 PM ET Aug. 14, 2002 HOUSTON (CBS.MW) -- Energy trader Dynegy, suffering from a credit crunch and crumbling stock value, said in a filing with the Securities and Exchange Commission that it may have to file for bankruptcy protection if it doesn't get approval for the sale of one of its gas pipelines or find some other way to meet its near-term obligations. Also, on Wednesday, the company said its executives could not certify its past financial results as required by the SEC because of a pending restatement. Dynegy (DYN: news, chart, profile) said it failed to meet the Securities and Exchange Commission deadline for interim Chief Executive Dan Dienstbier and Chief Financial Officer Louis Dorey to sign off on the results because of a pending restatement of its 2001 financial results and a three-year re-audit of its financial statements. Dynegy is under investigation by the SEC in the wake of the collapse of Enron. Dynegy's stock has fallen 95 percent in the past year amid questions about its accounting practices and transactions that may have been used to boost its earnings. In a recent filing with the SEC, the company said it might not be able to meet its near-term obligations if the pending sale of one of its gas pipelines isn't completed by the end of the month. The company has asked for regulatory approval to sell the unit to Berkshire Hathaway (BRKA: news, chart, profile) for $1.8 billion. Without that sale, or some other support, Dynegy said in the filing, it "may be forced to consider other strategic alternatives or a possible reorganization under the protection of bankruptcy laws." Dynegy shares fell 3 cents on Wednesday to close at $1.49.

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