Entergy New Orleans files for bankruptcy protection
Before major restructuring costs and loss of income from Hurricane Katrina, New Orleans-based affiliate of Entergy bankruptcy on Friday.
Entergy New Orleans also said it plans to use the court’s permission or loan up to $ 200 million from its parent company to pay wages and benefits, payments under the purchasing power and gas distribution agreements, and continue on the repair and restoration of the institutions devastated by Katrina. ”
“We have an immediate need for cash because our goal is to continue recovery efforts,” said Dan Packer, Entergy New Orleans’ Chairman and Chief Executive.
The New Orleans utility Entergy is the smallest of the five distribution companies, but bear the main burden of the parent company of the restoration costs. High-End estimates of the parent company for a total of $ 1.1 billion, including up to $ 475 million It is expected that in Entergy New Orleans, said the packer.
A hearing was Monday for the bankruptcy petition and Entergy request for “debtor in possession” financing, would ensure that 200 million dollars must be prepared for the purposes and explains that the parent company, is on the frontline Reimbursement under a reorganization.
Packer said it is too early to say whether Katrina led to rising interest rates for Entergy New Orleans customers. He said, companies, including Entergy’s, will probably see some money from a proposed $ 250 billion in aid from the Confederation.
“I think we have a good chance of seeing some of that money,” said Packer. “This would improve the rate shock, likely thereof.”
News of the bid has come as parts of New Orleans rains from Hurricane Rita caused a rupture of the dam, inundating parts of the city.
Neither mayor of New Orleans, Ray Nagin, nor members of the municipal council, which regulates Entergy New Orleans, was immediately comment.
During the first company the possibility of bankruptcy earlier this week of members of the Louisiana Public Service Commission and the regulatory authorities in neighbouring countries, expressed its concern on how they Entergy on the various subsidiaries.
“Anything that happens with every company Entergy could perhaps affect Entergy Arkansas,” Sandra Hochstetter, chairman of the Arkansas Public Service Commission said Tuesday. “This is a serious revenue situation they are facing at the moment.”
Entergy said in his statement was not intended to mitigate the impact of Entergy New Orleans, Entergy would deposit in other companies. Who, for example, modification of credit to ensure that Entergy New Orleans registration does not trigger default with the parent company or other subsidiaries.
Entergy, said the unit of New Orleans represented approximately 7% of revenues in 2004 of $ 2.4 billion and 3% of their revenues of $ 161 million.
Related Articles
End of race Spam May finally war threat e mails.
In the small town of Slidell, Louisiana, Flo Fox flows from hunger, day and night, but spam. The aging grandmother in a "What Would Jesus do?" T-shirt with pride remembers two bodies in turkey Gemüseeibisch enough to feed 100 of the city poor. To ensure that their ranks, they spam. Fox is
Corillian reports results for the second quarter of 2004
Corillian Corp. (Nasdaq: CORI), the early service providers online banking, leader of solutions for financial institutions, skills today financial results for the second quarter to 30 June 2004. The turnover in the second quarter were $ 12.4 million, compared to $ 11.5 million for the second quarter of 2003, an increase
Millions of Americans online e banking services.
Banking hours are shorter and softer. Millions of Americans have stretched Banking hours to 24-7 on the information superhighway. Online banking increased by 30 per cent in the first quarter compared to the same period the previous year of 22 million consumers whose connection of national accounts 10 largest financial institutions,
Really Randoms: Offspring, R.E.M
After Sony Records threatened to obtain an injunction against the Offspring, preventing the band from offering their upcoming album as a free download, the band has fired back. In a post on their official Web site www.offspring.com, guitarist Kevin "Noodles" Wasserman urged fans to visit Napster to track down Conspiracy
Ether Edge I will have all abandoned.
Thomas ethers Edge is disappointed by the reaction at Wild West World's declaration of bankruptcy and closing this week. He was surprised to widespread criticism, especially in business circles that the park was poorly designed and difficult undercapitalized. "Guilt for me this is how to go to Greensburg, or go to New
Teleprospecteurs against the law face punishment.
A representative of telemarketing can not accept rejection. He called again. This time, instead of reading from the script attributed typical monotone voice, he is armed with blows, words wicked, including dangers. Terri Smith, said he came, and thoughts on the review of the claque yet 28 years old, financial analyst. Living in
9 results with contractors flight fees
Nine partners accused beschwindelnd people in Orleans, Jefferson and St. Bernard parishes of Hurricane Katrina were arrested recently on charges of theft, the State Public Prosecutor-General Office's announcement this week. The contractors, including the importance of certain areas, and some of the state, have been reserved for felony theft of fraud
New Orleans sign at the hands of David
The Indianapolis Colts lose Corner Back David Jason, a former Washington State standout, unless they adapt made an offer which is submitted by the New Orleans Saints. New Orleans has signed 24 years, David, a limitation Free Agent four years of the paper on Thursday. If the Super Bowl Champions with the
Funeral services for SU law student killed in car accident
Funeral services will be held on Saturday 15 November in New Orleans Southern University Law Student Tameka T. Dempsey, 23, died Thursday, 6 November, near Sorrento injuries in a car accident. Demspey, a law student second year, was a graduate of Xavier College Preparatory and Loyola University in New Orleans. Visitation 3-6
Business at the stage of Texas to take ads insurance
Nearly 150000 homeowners in Texas are concerned, in the execution of Vesta Fire Insurance Co. and its Texas subsidiaries by the Texas Department of Insurance, but the situation seems less dire than in the past. The company was liquidated by the regulatory authorities in Texas in July and was agent