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Mirant Corp

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BUSINESS
July 12, 2006
Atlanta-based Mirant Corp. said it planned to sell its international assets and buy back as much as $1.25 billion of its shares to raise its stock price after dropping an unsolicited bid to buy rival NRG Energy Inc.
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BUSINESS
November 10, 2007 | From Times Wire Services
Mirant Corp. stock plunged 11% after the owner of power plants in six U.S. states said it had abandoned efforts to sell the company and would instead return $4.6 billion to investors through buybacks. Mirant shares fell $4.89 to $37.51, their biggest one-day drop since they began trading in December 2005 as the company emerged from bankruptcy. Mirant amassed more than $6 billion in cash after selling plants in the U.S. and assets in the Caribbean and the Philippines.
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BUSINESS
May 5, 2006 | From Bloomberg News
Mirant Corp., a U.S. power plant owner that emerged from bankruptcy protection Jan. 3, said it might shut down a pair of electricity generators near San Francisco because the company lacked a contract for the power. Atlanta-based Mirant filed a 90-day notice to California regulators of its intent to shut the Pittsburg 7 and Contra Costa 6 units, the company said.
BUSINESS
April 10, 2007 | From the Associated Press
Mirant Corp. said it was considering a possible sale and other moves to boost the power provider's value for shareholders. Its shares rose more than 8%. The Atlanta-based energy company is currently selling its business in the Philippines, six U.S. natural gas-fired plants and its Caribbean operations. Its shares rose $3.44 to $44.08.
BUSINESS
January 1, 2003 | From Bloomberg News
Mirant Corp., an electricity producer and trader trying to raise cash to reduce debt, completed the sale of its stake in a Chinese power plant for $300 million to a unit of the Chinese Foreign Ministry. Mirant's share of the Shajiao C plant near Hong Kong, the largest coal-burning plant in Guangdong province, was sold to China Resources Power Holding Co., the company said.
BUSINESS
May 1, 2003 | From Bloomberg News
Mirant Corp., owner of power plants in 14 states, completed an audit that showed the company had a $2.44-billion net loss last year and that profit for 2000 and 2001 was inflated by $188 million. The per-share loss was $6.06 and included expenses to shed workers, quit businesses and write down the value of energy ventures in the U.S. and overseas, the company said. Restated profit for the previous year was $409 million, or $1.19 a share.
BUSINESS
September 17, 2004 | From Bloomberg News
Mirant Corp., an Atlanta-based power producer that is in bankruptcy protection, said its board of directors was searching for a new chief executive who might replace Marce Fuller. The search began early this year and was confidential until Thursday, a Mirant spokesman said. He declined to say whether the board decided to fire Fuller, 44, or whether she planned to step down. The board is looking at internal and external candidates.
BUSINESS
August 6, 2002 | Bloomberg News
Mirant Corp. said that the Securities and Exchange Commission has started looking into its accounting and energy trading after the company disclosed last week that it may have misreported $253 million in assets and liabilities. The SEC asked for details on transactions with other companies, as well as shareholder lawsuits and energy sales in the West during California's power shortage, Mirant said.
BUSINESS
July 15, 2003 | From Bloomberg News
Mirant Corp., an energy producer that operates power plants in 14 states, Monday filed for bankruptcy protection after slumping power prices and higher costs left it unable to refinance $4.9 billion in bank and bond debt. Mirant was hurt by the evaporation of energy trading and by accounting changes in the aftermath of Enron Corp.'s collapse.
NEWS
April 21, 2001 | NANCY VOGEL and MIGUEL BUSTILLO, TIMES STAFF WRITERS
After nearly a year of being branded as pirate, gouger and profiteer, a California power plant owner has begun fighting back--on the airwaves. Mirant Corp. of Atlanta recently launched radio and newspaper ads in the San Francisco Bay Area, where it owns three power plants. The ads remind people that Mirant is investing hundreds of millions in expansions and that its employees "live and shop and send our kids to schools in the same communities we serve."
BUSINESS
July 12, 2006
Atlanta-based Mirant Corp. said it planned to sell its international assets and buy back as much as $1.25 billion of its shares to raise its stock price after dropping an unsolicited bid to buy rival NRG Energy Inc.
BUSINESS
June 20, 2006 | From Bloomberg News
Three former traders at power producers Mirant Corp. and Cinergy Corp. pleaded guilty Monday to conspiring to manipulate natural gas prices. Christopher McDonald and Paul Atha, who worked at Mirant, which emerged from bankruptcy protection in January, and Michael Whalen, a former trader at Cinergy, said they sought to benefit their trading positions in 2000 by giving false data to energy industry publications. Cinergy was bought in April by No. 1 U.S. utility owner Duke Energy Corp.
BUSINESS
June 13, 2006 | From Reuters
Power generator Mirant Corp. withdrew its $8-billion unsolicited bid for NRG Energy Inc. on Monday under pressure from Mirant shareholders, who said they could make more money if Mirant sold itself instead. Hedge fund Pirate Capital, which owns 1.6% of Atlanta-based Mirant's shares, sent a letter to Mirant's board of directors saying that it would call a special shareholders meeting to replace board members if Mirant did not drop its offer by Wednesday, according to a regulatory filing.
BUSINESS
June 1, 2006 | From the Associated Press
Power company Mirant Corp. sued rival energy producer NRG Energy Inc., claiming that NRG unfairly rejected its nearly $8-billion takeover bid. In a lawsuit filed late Tuesday, Atlanta-based Mirant sought a court order directing NRG to stop obstructing Mirant's attempts to acquire NRG. Mirant asserted that NRG was using a "transaction ploy" to turn aside the offer by claiming that Mirant used confidential information from NRG's former financial advisor.
BUSINESS
May 5, 2006 | From Bloomberg News
Mirant Corp., a U.S. power plant owner that emerged from bankruptcy protection Jan. 3, said it might shut down a pair of electricity generators near San Francisco because the company lacked a contract for the power. Atlanta-based Mirant filed a 90-day notice to California regulators of its intent to shut the Pittsburg 7 and Contra Costa 6 units, the company said.
BUSINESS
June 18, 2005 | From Bloomberg News
Enron Corp. and its affiliates agreed to pay $23 million to settle more than $163 million in claims filed against it by Mirant Corp. Enron also would receive $15.9 million in unsecured claims against Mirant, another energy company, which is restructuring in its own bankruptcy case, according to papers filed with the U.S. Bankruptcy Court in New York. The settlement requires approval of judges overseeing both the Enron and Mirant bankruptcy cases.
BUSINESS
April 10, 2007 | From the Associated Press
Mirant Corp. said it was considering a possible sale and other moves to boost the power provider's value for shareholders. Its shares rose more than 8%. The Atlanta-based energy company is currently selling its business in the Philippines, six U.S. natural gas-fired plants and its Caribbean operations. Its shares rose $3.44 to $44.08.
BUSINESS
August 19, 2004 | From Associated Press
Atty. Gen. Bill Lockyer sued Mirant Corp., charging the Atlanta-based energy company with manipulating California's electricity market during the 2000-01 energy crisis. Mirant traders created bogus grid congestion to get higher prices, routed sales out of state to avoid price caps and lied to grid operators about power plant outages, Lockyer said in a lawsuit filed in San Francisco Superior Court. Mirant executives didn't return calls seeking comment.
BUSINESS
May 11, 2005 | From Bloomberg News
Mirant Corp., a U.S. power producer that is under bankruptcy protection, said first-quarter profit fell 63% on higher costs for coal and oil used to generate electricity. Profit dropped to $11 million, or 3 cents a share, from $30 million, or 7 cents, a year earlier, Atlanta-based Mirant said in a Securities and Exchange filing. Sales fell 29%.
BUSINESS
April 14, 2005 | From Bloomberg News
U.S. regulators approved a $495-million settlement between Mirant Corp. and California that resolves charges that the company manipulated power prices during the state's 2000-01 energy crisis. The amount includes a claim of $175 million against Mirant in the company's bankruptcy proceeding, the Federal Energy Regulatory Commission said in a statement after approving the settlement.
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