Perryville Energy obtains extension to exclusive periods

By Ellen Chang

Houston, March 24 - Perryville Energy Holdings LLC obtained requested extensions to its exclusive periods to file a plan of reorganization and solicit acceptances, according to a Wednesday filing with the U.S. Bankruptcy Court for the Western District of Louisiana.

The company's exclusive filing period now ends on Oct. 17, 2005 instead of March 31, and its solicitation period runs to Dec. 16, 2005 instead of May 30.

Perryville had asked for the extra time so that it can satisfy the remaining conditions to closing the $162.1 million sale of Perryville Energy Partners to Entergy Louisiana, a transaction approved by the court on April 23, 2004 and amended on Dec. 8.

The sale still needs approval from the Louisiana Public Service Commission and the Securities and Exchange Commission. The deal is expected to close in mid-October.

Perryville said that until it closes on the sale to Entergy and resolves its claims against Mirant Corp. it cannot formulate a plan of reorganization that is "feasible" or "most advantageous."

Perryville, based in Pineville, La., filed for bankruptcy on Jan. 28, 2004. Its Chapter 11 case number is 04-80109.

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