Mirant creditors' committee objects to extension for company

By Jeff Pines

Washington, April 27 - Mirant Corp.'s unsecured creditors' committee and the unsecured creditors' committee of Mirant Americas Generation LLC oppose giving the Atlanta-based energy company a nine-month extension on its exclusivity periods.

In a Monday afternoon filing with the U.S. Bankruptcy Court for the Northern District of Texas, the committees said the company has been unable to reorganize the company efficiently and is dragging its feet. Mirant filed for Chapter 11 on July 14, 2003.

For example, after months of waiting for a business plan, management presented a plan that it acknowledged was inaccurate and would have to be reworked, they said.

Their efforts to keep their disagreements with Mirant out of court should not be misconstrued as approval, they said.

Furthermore, the committees united to file this objection and believe they are better suited to direct the reorganization process.

"The time has come to let the creditors who have a financial stake in the outcome file a plan or plans of reorganization," they said.

The committees do not object to a 60-day extension but are firmly opposed to giving the company until Jan. 30, 2005.

Mirant's Chapter 11 case number is 03-46590.

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