Atlanta

Atlanta-based IntercontinentalExchange (ICE) saw its pretax profit plummet 62% to $19.9 million, its cash flow drop 47% to $27.1 million and its revenues tumble 25% to $93.7 million last year as the energy trading business struggled through a credit crisis and trading dropped sharply on its over-the-counter (OTC) electronic marketplace.

Atlanta-based power and natural gas trader Mirant Corp. lost its months-long effort to stay out of bankruptcy last Monday, filing voluntary petitions seeking Chapter 11 protection in a Texas court. The company also filed an application in Canada last Tuesday seeking creditor protection for its Canadian subsidiaries.

Atlanta-based power and natural gas trader Mirant Corp. lost its months-long effort to avoid bankruptcy late Monday, filing voluntary petitions seeking Chapter 11 protection in a Texas court. The company was expected to file an application in Canada Tuesday seeking creditor protection for its Canadian subsidiaries.

Atlanta-based Mirant said late Monday it has offered to restructure some of its debt and bonds in a plan designed to pay off its creditors and avert a likely bankruptcy. The company also is asking its debt holders to vote in favor of a “fast track” pre-packaged plan of reorganization, in case an insufficient number of banks or bondholders agree with its out-of-court restructuring plan.

In a plan designed to pay off its creditors and avert a likely bankruptcy, Atlanta-based Mirant last week offered to restructure some of its debt and bonds. Mirant also asked its debt holders to vote in favor of a “fast track” pre-packaged plan of reorganization, in case an insufficient number of banks or bondholders agree with its out-of-court restructuring plan.

In a plan designed to pay off its creditors and avert a likely bankruptcy, Atlanta-based Mirant has offered to restructure some of its debt and bonds. Mirant also is asking its debt holders to vote in favor of a “fast track” pre-packaged plan of reorganization, in case an insufficient number of banks or bondholders agree with its out-of-court restructuring plan.

Atlanta Gas Light Co. (AGLC) said Friday that it has suspended its earlier request to have marketer ACN Energy removed from Georgia’s deregulated natural gas market, citing a “tentative agreement” that was arrived at on Thursday.

Atlanta Gas Light Co. (AGLC) said Friday that it has suspended its earlier request to have marketer ACN Energy removed from Georgia’s deregulated natural gas market, citing a “tentative agreement” that was arrived at on Thursday.

Atlanta-based Southern Co. said Friday it closed on a deal to buy the Georgia customers, operations and gas inventory of Enron-affiliated NewPower Holdings Inc. for an estimated $60 million (see Daily GPI, June 13).