Free Republic

June 2, 2008 -- The beleaguered Minneapolis Star Tribune has asked creditors to delay its debt payments for six months while it cuts costs and tries to rescue its ailing balance sheet. But "The Strib," as it is known locally, is meeting resistance from creditors that want the owners to inject $50 million of new equity into the company before granting any concessions, sources said. Avista Capital Partners, the New York private-equity firm that bought The Strib for $530 million about 15 months ago, recently hired the Blackstone Group to negotiate with creditors. Requesting such a delay, known as forbearance,...

Excerpt... Second, Avista and Mirant Corp., co-owners of the Coyote Springs 2 gas- fired generating facility, have signed a non-binding letter of intent for Avista to purchase Mirant's half interest in the facility. If the transaction is successful, Avista will own the entire facility and an additional 140 megawatts of generating capacity to serve its customers' future energy needs. "Our decision to seek to acquire full ownership of the plant is driven by a potentially attractive price, together with Avista's familiarity and experience with the facility," said Ely. "These factors outweigh other considerations such as the concentration of more energy...

Federal regulators repeated Tuesday that Avista Corp. should be cleared of allegations it manipulated West Coast energy markets in 2000 and 2001.Attorneys for the Federal Energy Regulatory Commission were responding to allegations made last week by the state of California and city of Tacoma accusing Avista of improper trading practices."Each of the criticisms launched by the California attorney general and Tacoma . . . are baseless, without merit and, accordingly, should be rejected," wrote Edith Gilmore and Michael Cotleur, FERC staff attorneys. The FERC staff filing was accompanied by one from Avista attorneys.Attorneys for California and Tacoma did not return...

<p>Washington, June 4 (Bloomberg) -- El Paso Electric Co., Avista Corp., Williams Energy Marketing & Trading Co. and Enron Corp.'s Portland General Electric Co. may lose rights to charge market-based rates for electricity and natural gas because they haven't cooperated fully with an investigation into market manipulation, the Federal Energy Regulatory Commission said.</p>

It's unclear whether action taken by federal regulators Wednesday will affect Avista Corp., a spokesman for the Spokane energy company said. FERC ruled Wednesday that California is due a refund of more than $1.8 billion because of market manipulation by several companies during 2000 and 2001.FERC investigated Avista last year because of a series of trades between Enron Power Marketing Inc., Portland General Electric Co., and two Avista entities. FERC's staff investigation concluded that no one at Avista Utilities or Avista Energy knowingly engaged in improper trading. An agreement between FERC staff and Avista exonerates the Spokane energy company, but...

The pending settlement of one case related to Enron Corp. manipulation of West Coast electricity markets will have no bearing on a parallel case involving Avista Corp., a spokesman for the Spokane, WA company said Friday. Hugh Imhof said none of the facts alleged against El Paso Electric Co. by the Federal Energy Regulatory Commission (FERC) overlap those in the Avista case. Avista, he added, is meeting with FERC's trial staff to resolve concerns raised by electricity trades involving Avista, Enron and Portland General Electric in the spring of 2000. "We've been working toward a resolution of this case since...

Avista Corp. has created and endowed a foundation that will gradually take over the bulk of the company's corporate giving. Avista Foundation will help insulate charitable contributions from fluctuations in Avista earnings, said Senior Vice President Scott Morris. "The creation of the Avista Foundation affirms our company's conviction that good corporate citizenship is as much a part of our mission as is providing reliable energy," Morris said in a prepared statement.Anne Marie Axworthy wil serve as foundation president and Debbie Simock will serve as executive director. Axworthy will remain Avista Utilities' director of community and public affairs. Simock is the...

A federal judge decided Tuesday not to issue a decision until next month on whether Avista Corp. manipulated West Coast energy markets in 2000-2001. Responding to a federal report absolving the Spokane energy company of wrongdoing, the judge decided Tuesday to give dissenting parties a week to respond. Staff members of the Federal Energy Regulatory Commission last week reiterated findings that Avista did nothing wrong during the energy crisis. The report repeated the findings of an agreement reached between FERC staff and Avista in January. On Tuesday, FERC Chief Administrative Law Judge Curtis Wagner Jr. decided to give dissenting parties--namely...

Avista Corp. will go before a federal judge next week to defend its trading activities during the 2000-2001 energy crisis. Curtis Wagner Jr., chief administrative law judge for the Federal Energy Regulatory Commission, is particularly interested in two energy-trading practices, which he cited Wednesday in an order setting the April 9 hearing. In the order, Wagner said he wants more information about the $11.8 million Avista Energy (Avista's energy trading subsidiary) earned through the "sell back of ancillary services." He also wants to know more about the "counterflow revenues" of close to $100,000 that Avista Energy allegedly earned.FERC staff investigated...

The state of California and city of Tacoma lashed out Tuesday against a federal report exonerating Avista Corp. of wrongdoing during the 2000-2001 energy crisis. Calling federal investigators' work "substandard," the two parties called for an agreement reached between regulatory staff and Avista to be thrown out. "Trial staff's review was not comprehensive and was woefully inadequate to support its findings absolving Avista Utilities and Avista Energy of participating in Enron trading strategies," wrote Vickie Whitney, a California deputy attorney general, in a filing with the Federal Energy Regulatory Commission. California and Tacoma are respondig to a FERC staff report...

Federal regulators Thursday reiterated findings that Avista Corp. did not engage in improper trading strategies during the energy crisis of 2000-01. They've asked a federal judge to approve an agreement forged with Avista stating that the Spokane energy company did not manipulate West Coast energy markets. "They've asked the judge to certify it. It's good stuff," said Avista spokesman Hugh Imhof of the report released Thursday. Curtis L. Wagner Jr., chief administrative law judge for the Federal Energy Regulatory commission, has scheduled a hearing Tuesday to review the report. "The trial judge respectfully requests that the chief judge certify the...

The Federal Energy Regulatory Commission has agreed to suspend its investigation into allegations that a Spokane utility participated in deceitful electricity-trading schemes with an Enron subsidiary. Commission staff members and Avista filed a joint motion yesterday asking a federal administrative law judge to suspend the FERC investigation. The commission staff found no evidence that Avista knowingly engaged in improper trading or efforts to manipulate the market, the filing stated. FERC also concluded Avista did not withhold relevant information in the commission's investigation into wild fluctuations in the Western energy markets in 2000 and 2001. The commission in June announced it...