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Politics : High Tolerance Plasticity

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To: jim_p who wrote (18491)	1/12/2003 2:56:56 PM
From: herenow_2	Read Replies (1) of 23153

RRI refinancing article. iipower.com Whether the Houston player will be able to get the deal signed before the Feb. 19 expiry of the bridge, which funded its acquisition of Orion Power (PFR, 12/9), isn't clear. However, the current depressed market for power assets mean pushing for a bankruptcy filing isn't an attractive option. "There is no interest in selling assets out of a bankruptcy," says one lender. Nevertheless the size of the bank group makes it difficult to gauge sentiment and also unwieldy to get agreement. "There are a host of hurdles to get over in such a short period," reflects one financier. "I'm sure it will go to the last minute." Calls to officials at Citibank, which is the lead on the synthetic lease, and Barclays Capital, one of the leads on Orion loan, were not returned.

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