Electricity trader Power Co. of America forced into chapter 11 proceedings
Article Abstract:
Power Company of America LP, a major electricity trading company, was forced into bankruptcy proceedings by three creditors. Two major utilities, Southern Co. and Entergy, and a power marketing firm, American Energy Solutions Inc., filed a joint chapter 11 bankruptcy petition against Power Co. of America in federal bankruptcy court in Bridgeport, Conn. Power Co. defaulted on contracts during electricity-market turmoil in June, 1998. Subsidiaries of General Electric Co., GE Capital Services and GE Power Systems, own minority stakes in Power Co.
Comment:
Power Co. of America was forced into bankruptcy
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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Power Co. creditors file total claims of $126 million
Article Abstract:
Four firms that forced Power Co. of America LP into bankruptcy court are claiming that the electricity trader owes them debts worth $126 million. The companies say Power owes them the money because it defaulted on contracts during the June 1998 turmoil in the electricity market. According to the four companies, the $126 million figure is just an early estimate. They also say that they could lose money on Power contracts that are still in effect.
Comment:
Four firms that forced co into bankruptcy court are claiming that the electricity trader owes them debts worth $126 million
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
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