Mirant raises prospect of bankruptcy
Energy company Mirant asked its bank lenders to approve a pre-packaged bankruptcy plan in June, suggesting the Atlanta-based company could be forced to file for Chapter 11 bankruptcy.
Mirant, which is trying to refinance $5.3 billion of debt, had earlier asked its bondholders to approve the plan, which is a contingency measure should its refinancing plan fail. The company has a total of $8.9 billion of debt.
“ Our strong preference is to achieve a financial restructuring out of court, and we remain hopeful we can do so,” said Marce Fuller, president and chief executive of Mirant, in a statement on June 20.
But Mirant’s troubles worsened in mid-June, when bondholders
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