Extends the time to discover Entergy N.O. Proposal
Efforts to end Entergy New Orleans’ exclusive maintain the bankruptcy reorganization plans must wait another month, while the parties involved in the dispute work together for a more pleasant for everyone.
U.S. Bankruptcy Judge Jerry Brown was ready, Wednesday pending a decision on the admissibility of several plans of reorganization, but ok, a request for the hearing until December 7 The parties will try to find a plan by then. Brown, is also back a hearing scheduled for release on December 7 to 25 January.
Entergy New Orleans continue to operate but the file Chapter 11 bankruptcy protection last year, Hurricane Katrina in a mass evacuation and flooded a large part of the city. The storm dramatically reduce the number of utility customers to pay a fee of $ 626 million for the renovation and restoration.
The company submitted a reorganization plan on October 24, based on the assumption that New Orleans, Entergy and obtain federal grants in cash and an increase in the gas and electric rates for New Orleans, it is a customer. The plan also required that the company collected $ 250 million in insurance settlements and approval to collect money from its customers the establishment of a reserve fund storm.
But FGIC, an insurance company approximately $ 70 million of Entergy New Orleans’ borrowing soon lodge an application and requires that the Entergy New Orleans is no longer the only unity can submit reorganization plans.
FGIC, with the support of the Committee Bond Holder, by an ad hoc group on the first priority of holders of mortgage bonds of Entergy New Orleans, New York and bank, a lender and successor trustee, who recently received the dossier d another message asking Entergy New Orleans Plan “is not feasible. “The memo said the plan Entergy Corp. pleasure, their umbrella organization, and probably followed by the need for liquidation or reorganization of others.
Tuesday, Entergy New Orleans, several amendments were tabled to plan its reorganization, which eliminates some of its stringent requirements. The amount of insurance collections need has decreased from $ 250 million to $ 50 million, said the application for registration.
Representatives of FGIC, Entergy New Orleans, Entergy Corp. and Bank of New York met Wednesday afternoon, tent, a plan but could not reach a consensus before the hearing, the lawyers said in court .
Entergy New Orleans prosecutor Patrick Vance said the company is “very interested in the future,” but is ready to cooperate with FGIC and other interested parties.
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