January 1, 2003 |
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.
May 1, 2003 |
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.
September 17, 2004 |
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.
August 6, 2002 |
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.
June 13, 2006 |
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.
July 15, 2003 |
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.