Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: CommanderCricket who wrote (18668)	2/21/2003 2:12:19 PM
From: CpsOmis	Respond to of 206131

Don't know the skinny on VPI, but that volume was what appears to be a sale at 12:41 of 2.8MILLION shares or so, and dropped the price from 9.90 or so to 9.52... host.businessweek.com

To: CommanderCricket who wrote (18668)	2/21/2003 4:34:50 PM
From: jim_p	Respond to of 206131

Allegheny Energy, Lenders Near Deal on Financing Friday, Febuary 21, 2003 10:10 AM ET Printer-friendly version Dow Jones Newswires NEW YORK -- Allegheny Energy Inc.'s (AYE, news) lenders have agreed to give the company a new package of credit facilities, a person familiar with the situation told Dow Jones Newswires. Allegheny, which owns the company delivering electricity and natural gas to about three million people in Maryland, Ohio, Pennsylvania, Virginia, and West Virginia, has said it's trying to negotiate a yet-to-be disclosed amount of new facilities and last year received approval from the Securities and Exchange Commission for up to $2 billion in secured loans. The financing package is expected to be around that amount. Allegheny spokeswoman Debbie Beck would only say the "negotiations are ongoing." In October, Hagerstown, Md.-based Allegheny defaulted on credit agreements with some of its trading partners after Moody's Investors Service downgraded its debt to junk status. The downgrade triggered cash-collateral calls at its trading unit that it was unable to post, putting it in technical default on $1.3 billion in loans. It has received six extensions to waivers on the defaults to work out new credit agreements with its lenders. The company has warned that failure to reach an agreement could result in a bankruptcy filing. With the latest extension set to expire Friday, the person said an agreement was "all wrapped up. It's just a matter of paperwork." Nonetheless, another extension on the default waivers to complete the process wasn't ruled out. The negotiations had been held up by two banks, which are said to be Hagerstown Trust and Branch Bank & Trust, which wanted to be released from the credit instead of signing on for an amended facility, people familiar with the situation said. They are part of a 20-bank syndicate led by Citigroup Inc. (C, news) and J.P. Morgan Chase & Co. (JPM, news). Earlier this year, Hagerstown Trust agreed to join in, leaving BBT Corp. (BBT, news) as the only holdout, people familiar with the deal said. The person said all banks have come on board for a new facility. Officials for Hagerstown Trust and BBT have repeatedly said they don't comment on client relationships. Some Market Watchers Predicted Agreement In a research report dated Tuesday, analysts from Deutsche Bank, which has a " hold" rating on the stock, wrote: "The company is hoping to complete about $2 billion of new financing, coupled with some new equity financing. However, we believe only documentation remains." Deutsche Bank added that it believes "the major risk is the cost of debt, not whether a successful refinancing can be achieved." -Nicole Bullock, Dow Jones Newswires, 201-938-2039