One of Mirant Corp.’s largest shareholders and a creditor in its three-year Chapter 11 bankruptcy process on Thursday asked the company to drop its attempt at a hostile takeover of NRG Energy and instead put the company up for sale. Connecticut-based Pirate Capital LLC, the portfolio manager of the investment fund, wrote to Mirant’s CEO and directors, saying investors are “concerned” about the offer to buy NRG.
Articles from Creditor
Responding to creditor’s concerns, Enron’s bankruptcy court judge has granted a request for the appointment of an examiner to monitor cash flow at Enron North America. Judge Arthur J. Gonzalez appeased creditors by approving the installation of an examiner, but refused their demands that Enron N.A. be allowed to control its own finances.
Claiming it has a more cost-effective, quicker solution, California’s regulatory commission last week filed the outline of its plan for reorganizing bankrupt Pacific Gas and Electric Co. with a federal bankruptcy court in San Francisco. Creditors would be paid off by the end of January next year, at which time utility electricity rates would be lowered, ultimately saving consumers billions of dollars.
PG&E Corp. and subsidiary Pacific Gas and Electric Co. on Thursday filed an amended plan of reorganization and a disclosure statement in U.S. Bankruptcy Court, according to the schedule established by the court. The plan contains no substantive changes and the companies will pay all valid claims in full without asking the state for a bailout or the court to raise rates, said PG&E.
Peachtree Natural Gas, the bankrupt supplier to over 170,000customers in Georgia, and Atlanta Gas Light (AGL), Peachtree’sbiggest creditor, forged an interim solution in bankruptcy courtyesterday in which Peachtree will continue serving its customersuntil the court reconvenes on Nov. 15. Both the LDC and the courthave been assured that Peachtree can reliably provide service forthe 10-day period.