A bankruptcy court judge has said he will rule Nov. 5 on Mirant Corp.’s request to have actions against its current and former officers and directors and those of its former parent, Southern Co. stayed until the bankruptcy is resolved. The bankruptcy court judge in Fort Worth, TX issued a temporary stay of those actions Thursday. While court actions against a company engaged in an Chapter 11 bankruptcy reorganization are automatically stayed, those against company individuals could proceed unless the judge rules them out. Mirant asked that the stay be granted to allow company officials to work on the reorganization. Also, the outcome of individual trials could have a bearing on actions against the company at a later date. Earlier last week the court granted Mirant $500 million in debtor-in-possession (DIP) financing, to be provided through a loan from General Electric Capital Corp., to supplement its cash on hand to fund its merchant power and marketing and trading operations. (see Daily GPI, Oct. 22).

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