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Electricity News Electrical Buyers Guides Electrical Training Information Centers Product Showcases Electricity Links Careers Electricity Forum News Mirant Bankruptcy Scares U S Energy Market NEW YORK NY Rumblings from electricity generator Mirant Corp that it might seek bankruptcy protection have stirred nerves in an already troubled energy market traders said recently Mirant is a big company that could potentially disrupt the market They are probably holding a lot of positions one Midwest natural gas trader said Atlanta based Mirant one of the nation's top merchant energy traders on Monday offered its creditors a plan to restructure billion of debt as part of a wider refinancing effort aimed at avoiding bankruptcy At the same time it warned that if the plan were not quickly approved it might seek Chapter bankruptcy protection using the same plan as the foundation for restructuring The move is the latest in a series of setbacks for an industry hit hard by the downfall of energy trader Enron Corp in federal investigations into market manipulation and subsequent severe credit downgrades Mirant is one of the few big players left one New England electricity trader said If Mirant exits the market it's going to be a lot

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Mirant From Wikipedia the free encyclopedia Jump to Mirant Services LLC an based energy company produces and sells in the the and the The company was spun off from parent in April Mirant operates plants in states California Florida Georgia Indiana Maine Maryland Massachusetts Michigan Nevada New York Texas and Virginia and has the capacity to generate MW of electricity Mirant's Morgantown generating plant was ranked as the best coal fired plant in terms of heat rate efficiency in the United States in Electric Power amp Light magazine's survey of power plants Dickerson and other Mirant Mid Atlantic sites are Wildlife Habitat Council certified and have received national recognition for their contributions to wildlife habitat conservation Efforts include providing artificial nesting structures and planting native trees shrubs and aquatic plants In Mirant's Canal Generating Plant became the first power plant in Massachusetts to reduce emissions as part of a new state effort to achieve the nation's toughest air emission standards for steam electric plants In after months of attempting to restructure its debt the company sought The Mirant bankruptcy proceedings were unusual in that the court agreed to the appointment of a committee of equity holders The usual reasoning

FOR IMMEDIATE RELEASE Notes on Credit Should Mirant's Bankruptcy Have Been a Surprise? HONOLULU July Many market participants were taken by surprise by the July bankruptcy of Mirant Corporation the Atlanta based power producer and energy trader For that reason Mirant provides another good case study for analyzing the effectiveness of modern credit models One argument for the case that Mirant's downfall should not have been a surprise has been a steady string of rating agency downgrades of the company One leading rating agency downgraded Mirant in the fall of from BBB to BB again in April and for a third time to CC in June On the other hand Reuters reported on July that of the world's leading financial institutions had an unsecured exposure to Mirant or its subsidiaries in excess of million with the largest exposure totalling million Clearly these institutions had a more optimistic view of Mirant's future than the company's ratings would have indicated Kamakura's KDP default probability series shed some important light on these competing prospects for Mirant's future On July the day prior to Mirant's bankruptcy Kamakura's reduced form Jarrow Chava KDP jc default probability model ranked Mirant a annual probability of defaulting

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