Service, another program aims to strengthen bankruptcy
Word, it can not bankrupt, without knowing whether they get help from the Confederation, Entergy New Orleans has a third extension of the deadline for filing its reorganization plan.
The archiving system, last week in U.S. Bankruptcy Court for the Eastern District of Louisiana, calls for Entergy New Orleans is a deadline until December 19 for its reorganization plan on file, August 21 due to the does
Entergy New Orleans file Chapter 11 bankruptcy protection weeks after Hurricane Katrina. It is still functioning, but it lacks the money to pay its creditors. Entergy requested $ 719 million in the federal budget Community Development Block Grant, or CDBG money to repair the loss of income and their local gas and electricity network.
The debtor is of the opinion that the presentation of a plan before taking a decision on CDBG money would not only jeopardize the receipt of these CDBG funds, but also necessarily confidence on mere speculation “after the deposit.
Given that the timing of the Tribunal, Judge Jerry Brown said he intends Entergy request, but not before 18 September.
Entergy New Orleans, the Tribunal has also requested their loan agreement with the company Entergy Corp. mother of a year until August 23, 2007, cited lack of sufficient liquidity “to pay their bills. Entergy New Orleans owes its society mother, nearly $ 40 million. Entergy New Orleans is without doubt a difficult period affirms its case for enlargement, as it has for the two previous enlargements Brown. “One thing is quite routine, two, but three is unusual, “said Michael Piper, a lawyer for a group of New Orleans ratepayers say Entergy its customers excessive prices.
In addition, two creditors, The Bank of New York and Financial Guaranty Insurance Company, have requested that, with regard to any extension of jurisdiction, which require Entergy New Orleans begins to pay interest on its $ 230 million obligations.
In his statement, Entergy said it needed more time to determine not only whether to get CDBG money, but if the New Orleans City Council approved a rate increase, if the company received 250 million $ Revenue insurance - attend, and if more customers are back in New Orleans.
The CDBG money, but is a decisive factor. A reorganization plan without that money that people the false impression that the company to reorganize without the help of the Confederation, said the company.
The filing of the plan without that money can also be adverse to convince some policy makers - and the general public - ENOI that financial stability has been restored and that the need for CDBG funds is less than the urgent need for LA Other ingredients, “declares the company.
And without the CDBG money, the price of electricity is much higher than the Court filing said.
“It is possible that some customers might stop the reconstruction process as a whole, while others decide not to return,” said the Court of submission.
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