The bankrupt El Paso Electric Co. (EPE) has asked the New Mexico Public Utilities Commission for permission to issue securities as part of its proposed acquisition by Central and South West Corp. (CSW) (em a necessary step in consummating the merger. Under EPE's third amended plan of reorganization, the utility would recapitalize by issuing new debt securities and preferred stock. CSW also would infuse additional common equity into EPE. The new securities, along with cash payments and shares of CSW common stock, would be used to settle the outstanding claims of EPE's creditors. EPE's application seeks authority to issue several types of securities, depending on a number of factors, including circumstances prevailing as of the effective merger date.
Articles found on this page are available to Internet subscribers only. For more information about obtaining a username and password, please call our Customer Service Department at 1-800-368-5001.