Finance

Slashing the heavy debt that helped finance its major Montana utility additions and at the same time helped drive it into Chapter 11 protection, South Dakota-based NorthWestern Corp. emerged from bankruptcy last Monday, leaving remaining shareholders with worthless stock that was wiped out when a new board took over and 35.5 million shares of new stock were issued, most going to creditors.

Slashing the heavy debt that helped finance its major Montana utility additions and at the same time helped drive it into Chapter 11 protection, South Dakota-based NorthWestern Corp. emerged from bankruptcy late Monday, leaving remaining shareholders with worthless stock that was wiped out when a new board took over and 35.5 million shares of new stock were issued, most going to creditors.

Slashing the heavy debt that helped finance its major Montana utility additions and at the same time helped drive it into Chapter 11 protection, South Dakota-based NorthWestern Corp. emerged from bankruptcy late Monday, leaving remaining shareholders with worthless stock that was wiped out when a new board took over and 35.5 million shares of new stock were issued, most going to creditors.

Alliance Pipeline Ltd. said late afternoon Monday that Paul Belliveau has relinquished his positions as vice president of Finance and CFO, effective immediately. The company reported that Clint White, Alliance Pipeline controller and former treasurer, will assume Belliveau’s responsibilities until a permanent decision is made on the positions. The company did not disclose the reason behind the change. “Alliance is fortunate to have a strong management team which will allow us to manage this transition effectively,” said Al Edgeworth, CEO of Alliance Pipeline Ltd. The pipeline is a 2,307 mile pipeline system that extends from northeastern British Columbia and northwestern Alberta to the Chicago market hub. The system is designed to transport 1.325 Bcf/d of high-pressure and high-energy natural gas on a firm basis. Alliance Pipeline Ltd. is a joint partnership of Enbridge Inc. and Fort Chicago Energy Partners LP.

Anadarko Petroleum Corp. has named Jim Larson its new CFO. He also will also continue to carry the title of senior vice president of finance. Larson will report to Anadarko’s newly named CEO Jim Hackett. “Jim Larson has been a valued member of Anadarko’s management team for many years and I’m looking forward to working with him in his new role,” Hackett said. “I’m confident his depth of knowledge and broad financial experience will serve the company well.” Larson joined Panhandle Eastern Pipe Line Co. (the former parent of Anadarko Petroleum Corp.) in 1981 as assistant director of taxes and was promoted to director of taxes in 1982. In 1983 he was named assistant controller of Anadarko and was promoted to controller in 1986. In 1995 he added the title of vice president and was named senior vice president in 2002.

A $2 billion subsidy to help finance the construction of a new natural gas liquefaction facility and tankers to transport LNG to West Coast markets has been folded into a massive omnibus spending package that the House is expected to take up Monday (Dec. 8), according to Rep. Edward Markey (D-MA). A Senate vote on the $820 billion appropriations bill may not come until late January.

A $2 billion subsidy to help finance the construction of a new natural gas liquefaction facility and tankers to transport LNG to West Coast markets has been folded into a massive omnibus spending package that Congress is expected to act on next week, according to Rep. Edward Markey (D-MA).

Everything was on the “up and up” with former Dynegy Inc. executive Jamie Olis, his defense attorney said in opening arguments Tuesday. Instead, said attorney Terry Yates, former Dynegy auditor Arthur Andersen used “accounting tricks” that were most responsible for the design and mismanagement of Dynegy’s Project Alpha, a complex natural gas transaction first set up in 1998.

Allegheny Energy Supply Co. LLC and Allegheny Trading Finance (ATF) last week said that they have completed the sale of an energy supply contract with the California Department of Water Resources (CDWR) and associated hedge transactions to J. Aron & Co., a subsidiary of the Goldman Sachs Group, for approximately $354 million.