Mirant's Bank Debt Jumps As Creditors Approve Reorg Plan

Mirant's bank debt climbed as most of its creditors approved the power company's reorganization plan. Its '03, '04 and '05 revolving credit facilities surged three points to trade at 107, 106 and 105, respectively.

  • 23 Nov 2005
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Mirant's bank debt climbed as most of its creditors approved the power company's reorganization plan. Its '03, '04 and '05 revolving credit facilities surged three points to trade at 107, 106 and 105, respectively. Mirant announced on Nov. 16 that its second amended Chapter 11 plan of reorganization has been widely accepted by its main creditors and shareholders created under the plan.

Ninety-seven percent of Mirant's unsecured creditors and shareholders who voted on the plan approved it. The plan was also accepted by the unsecured creditor classes of most of Mirant's debtor-subsidiaries, including Mirant Americas Generation, Mirant Americas Energy Marketing and Mirant Americas. The company said in a press release that it has obtained more than $2.3 billion in loans to finance the business upon its exit from Chapter 11. A Mirant spokesman, said the company's debt has been cut in half to $4.3 billion. "Mirant will be in good or better financial health than many of its competitors when it emerges from bankruptcy," he said.

  • 23 Nov 2005

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