Aug 28, 2003 /PRNewswire-FirstCall via COMTEX/ -- Mirant today reported a $28 million net loss for the first quarter 2003, or a loss of 7 cents per diluted share. This compares to a restated net loss of $10 million for the first quarter 2002, or a restated loss of 6 cents per diluted share.
biz.yahoo.com/rf/030828/utilities_mirant_ferc_2.html
WASHINGTON, Aug 28 (Reuters) - Bankrupt energy trader Mirant Corp. (Other OTC:MIRKQ.PK - News) said it has reached a tentative deal with the Federal Energy Regulatory Commission staff to settle charges that it violated rules during California's 2000-2001 energy crisis.
Atlanta-based Mirant was one of 43 companies and municipalities accused by FERC commissioners of using questionable trading strategies.
Mirant "has reached a settlement in principle in this proceeding with FERC staff," the firm said in a filing released by the agency on Thursday. The company said it will file a formal agreement with the agency by Sept. 9.
The deal would still have to be approved by the three-member commission before being finalized.
The firm will not admit to any guilt as part of the settlement, Mirant spokesman Buddy Eller said. "We strongly believe that we are not in violation of any tariffs," he said, declining to discuss financial terms of the settlement.
In June, FERC commissioners ordered 43 companies and municipalities to "show cause" why they should not have to repay the profits gained from such trades. The agency did not quantify the amount of money at stake.
Mirant, strapped with $11.4 billion in debt, filed for Chapter 11 bankruptcy protection in July after talks with bondholders and banks to restructure its debt failed.
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