Posted on 09/16/2004 7:43:52 PM PDT by MeneMeneTekelUpharsin
WASHINGTON - Power-generator Mirant Corp. disclosed Thursday that it is looking for a new chief executive officer. Searching for new leadership is a typical step for a company in bankruptcy, Mirant spokesman James Peters told Dow Jones Newswires Thursday. The board views it as part of its obligation to maximize value for creditors with an interest in Mirant. Peters said there was no specific timeline for current Chief Executive Marce Fuller to step down, and that she was involved in the search for a new CEO.
The search, which has been kept under wraps since it began early in 2004, is looking at candidates both within and outside the company, Peters said. Atlanta-based Mirant filed the 11th largest bankruptcy of all time in July 2003, listing assets of $20.57 billion and debts of $11.4 billion. The company has said it expects to emerge from Chapter 11 protection in the first half of 2005. Relations with creditors in the company's Chapter 11 haven't always been smooth. Recently, a group of creditors of the unit that controls the majority of Mirant's generating capacity said it was putting together a plan to break up the company and operate the unit itself, hiring a former Duke Energy executive as a consultant.
In April, Mirant hired then-Chief Financial Officer of Delta Air Lines M. Michele Burns as its CFO to assist in its turnaround. The company appointed her to the added post of chief restructuring officer in August. As restructuring chief, Burns will continue to administer the company's turnaround plan and try to improve Mirant's capital structure, Mirant said. During 2003, Fuller received a salary of $800,000 and a bonus of $173,643, according to Securities and Exchange Commission (news - web sites) filings. During 2002, she earned the same salary but no bonus. She also received grants of restricted stock and options to purchase stock during both years.
Click here for Mirant message board -- we took over the SO board...)
Mene
Mene
Check this story out. You'll want to read it...
Mene
I own some Mirant stock. I got it as part of the spin-off from Southern Company.
I'm glad I don't have a lot because it (and Interstate Bakeries) have been a weight on my portfolio.
My good friend...notice the above. Calpine will probably make it over time. It has been a hard, long row to hoe. Thanks Ken Lay...NOT.
Tell me about Interstate Bakeries. Bimbo Bread out of Mexico bought out Mrs. Baird's and now runs it (I think in Fort Worth, Texas). So few know that and think Mrs. B's is still a U.S. company. Not.
Thnaks, I haven't been following this much at all.
Been consumed by the forged memos and Dan Rather's BS!!!
These guys believe themselves to be above the law because they ARE above the law. Everyone on this website can with definitive proof show him to be a dishonest liar, but nothing will come of it. It is a sad tragedy of life with which we have to live. I prefer to focus on things I can do something about.
Though you might want to know that something is breaking with Mirant. Those who have followed this LONG case are very encouraged with recent developments. Take care.
You might want to watch it from now until December 31 of this year...just to document what happens. Some fascinating things are going to come out of this case regardless of the terminal stock value.
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