NEW YORK: Another major US power producer and trader, Mirant Corp, has filed for Chapter 11 bankruptcy protection after slumping prices and higher costs left it unable to refinance US$4.9bil in bank and bond debt.
Mirant was hurt by the evaporation of energy trading, accounting changes and government investigations of its accounting in the aftermath of Enron’s collapse. Higher borrowing costs and increased prices for natural gas, which fuels some of Mirant's power plants, contributed to its losses, which totalled about US$2.4bil last year.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
