Coho Energy Inc., a Dallas-based independent oil and gasproducer focused on exploitation of underdeveloped oil propertiesin Oklahoma and Mississippi, announced it has filed a petition forChapter 11 bankruptcy protection in Dallas’ Federal BankruptcyCourt. The decision to seek protection was taken by Coho andcertain subsidiaries because the resolution of a restructuringcannot be completed without the protection and assistance of thebankruptcy court, the company said. Timing of the bankruptcy filingwas imposed by several factors including the repayment accelerationof the Company’s $240 million debt by its bank creditors lastThursday (See Daily GPI, Aug. 20), the inability of the banks andthe bondholders (the two large creditor groups) to reach asatisfactory agreement with each other, and the potential for oneof the bondholder’s being granted a summary judgment in its lawsuitagainst Coho for full payment of principal and past due interest.Coho said it is continuing to discuss a solution to its capitalneeds with the banks, the bondholders and other potentialinvestors. The company expects to file a plan of reorganizationwith the bankruptcy court in the near future.
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PA LDCs File Restructuring Plans
Three Pennsylvania LDCs filed restructuring plans with thePennsylvania Public Utilities Commission (PUC) last week to expandsupplier choice within the state. Filing plans were Columbia Gas ofPennsylvania, Peoples Natural Gas and PG Energy, a subsidiary ofPennsylvania Enterprises Inc. As part of the Natural Gas Choice andCompetition Act passed by the Pennsylvania General Assembly June17, each gas utility is required to submit a restructuring plan tothe PUC by Nov. 1.
PA LDCs File Restructuring Plans
Three Pennsylvania LDCs filed restructuring plans with thePennsylvania Public Utilities Commission (PUC) last week to expandsupplier choice within the state. Filing plans were Columbia Gas ofPennsylvania, Peoples Natural Gas and PG Energy, a subsidiary ofPennsylvania Enterprises Inc. As part of the Natural Gas Choice andCompetition Act passed by the Pennsylvania General Assembly June17, each gas utility is required to submit a restructuring plan tothe PUC by Nov. 1.
Columbia Gas Files Restructuring Plan in PA
Columbia Gas of Pennsylvania filed its restructuring plan withthe Pennsylvania Public Utilities Commission Monday in an effort toexpand its supplier choice program statewide. As part of theNatural Gas Choice and Competition Act passed by the PennsylvaniaGeneral Assembly June 17, each gas utility is required to submit arestructuring plan to the PUC by Nov. 1.
Industry Briefs
New Century Energies and Northern States Power said they havefiled, or are expected to file later this week, merger applicationswith state regulators in Colorado, Wyoming, Minnesota, Texas, NewMexico, Kansas and North Dakota and with FERC. Other filings withadditional state and federal regulators will follow. NCE and NSPshareholders approved the merger on June 28. The proposedcombination, to be called Xcel Energy, will serve three millionelectricity customers and 1.5 million natural gas customers in 12states.
Ameren to Transfer Generation Plants
AmerenCIPS, a subsidiary of Ameren Corp., filed with theIllinois Commerce Commission (ICC) a notice that it intends totransfer AmerenCIPS’ Illinois generating facilities and relatedpersonnel to a new non-regulated subsidiary. Ameren is a registeredholding company under the Public Utility Holding Company Act of1935 (PUHCA) and is the parent of the utility operatingsubsidiaries, AmerenCIPS and AmerenUE.
Court Speeds Up Columbia Case
The Chancery Court of Delaware is stepping up the pace on alawsuit filed on June 24 against Columbia Energy Group by NiSource,NiSource said yesterday. The court has called for an acceleratedschedule for the case in which NiSource is seeking to compelColumbia to reopen its 1999 annual meeting so that another directorcan be elected to a vacant seat on Columbia’s board.
NiSource Takes Offer to Columbia Shareholders
Determined to fight to the end, NiSource took its $68/shareoffer ($5.6 billion) directly to Columbia Energy Group shareholderson Friday. It also filed litigation against Columbia and itsdirectors in the Delaware Chancery Court in an attempt to gain anopportunity to nominate a director to fill a vacant seat onColumbia’s board.
NiSource Takes Offer to Columbia Shareholders
NiSource is taking its $68/share offer ($5.6 billion) directlyto Columbia Energy Group shareholders today and said it has filedlitigation against Columbia and its directors in the DelawareChancery Court in an attempt to gain an opportunity to nominate adirector to fill a vacant seat on Columbia’s board. The seat wasvacated in May when one of Columbia’s directors retired, butColumbia failed to call for a shareholder vote on a replacement atits annual meeting last month, NiSource said.
Industry Briefs
Dominion Resources and Consolidated Natural Gas filed with theFederal Energy Regulatory Commission for approval of theirpreviously announced merger plan. With yesterday’s submission, thecompanies have completed all regulatory filings necessary formerger approval. The companies said in the joint filing that themerger plan satisfies requirements of Section 203 of the FederalPower Act. FERC must approve the transfer of the power marketingsubsidiaries of CNG to Dominion Resources under Section 203. Inaddition to filing with FERC, the companies have completed mergerfilings with the U.S. Securities and Exchange Commission (SEC) andwith public utility commissions in Virginia, North Carolina,Pennsylvania and West Virginia.
