Mirant Corp has filed a reorganisation plan in the US Bankruptcy Court to allow the company to emerge from Chapter 11 bankruptcy protection by the middle of this year. Under the terms of the plan, debt would be reduced by some $5 billion with all assets and operations remaining intact.
The plan, which includes settlement of claims made by Californian utilities related to the power crisis of 2000 – 2001, has received support from creditors and will provide a basis for later negotiations.
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