Date: Thu, 20 Nov 1997 19:15:43 GMT Server: NCSA/1.5.2 Last-modified: Mon, 24 Feb 1997 22:16:27 GMT Content-type: text/html Content-length: 5111
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Vic Svec Zeigler Coal Holding Company 618-394-2430 |
Mike O'Sullivan NRG Energy, Inc. 612-373-5408 |
FOR IMMEDIATE RELEASE
August 1, 1996Zeigler/NRG, Trustee Forge Amended Cajun AgreementZeigler Coal Holding Company (NYSE: ZEI) and NRG Energy, Inc., the non-regulated affiliate of Minneapolis-based Northern States Power Company (NYSE: NSP), today reported that their affiliate (Louisiana Generating LLC) has amended its agreement with the bankruptcy trustee and satisfied key concerns to allow continuation of a joint bid to purchase the non-nuclear assets of Cajun Electric Power Cooperative, Inc. of Baton Rouge, Louisiana.The $1.1 billion NRG/Zeigler proposal was originally made in response to a request for proposals from the bankruptcy trustee for the Cajun estate. In April, NRG/Zeigler's submittal was selected as the lead proposal by the bankruptcy trustee. He then filed with the bankruptcy court a plan of reorganization that incorporated the proposal on April 22, 1996, and submitted a definitive purchase agreement on June 15, 1996. On July 15, the bankruptcy court declared as reasonable some but not all buyer protection provisions in the NRG/Zeigler definitive agreement and provided guidance on related provisions that would be acceptable. Key elements of the amended Asset Purchase and Reorganization Agreement between NRG/Zeigler and the bankruptcy trustee include:
The Zeigler family of companies is among the largest coal producers and marketers in the United States, and controls more than 1.3 billion tons of economically recoverable coal reserves, including 1 billion tons of low sulfur coal. The Zeigler family of companies currently operates underground and surface coal mining complexes in Illinois, Kentucky, Ohio, West Virginia and Wyoming. In addition, the company owns and operates two East Coast transloading terminals and ENCOAL, a clean coal technology corporation. A Zeigler subsidiary has supplied more than 90% of the coal provided to Cajun since 1982. NRG is one of the leading participants in the independent power generation industry. Established in 1989, and wholly owned by Northern States Power, NRG is principally engaged in the acquisition, development and operation of independent power production and transmission facilities, thermal energy production and transmission facilities and resource recovery facilities. NRG has a proven track record in operating, maintaining and owning interests in large, fossil-fuel generation facilities. |
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