Mirant debtor gets court OK to sell IntercontinentalExchange shares

By Caroline Salls

Pittsburgh, Oct. 19 - Mirant Corp. debtor Mirant Americas Energy Marketing, LP obtained court approval to sell shares of IntercontinentalExchange Inc., according to a Wednesday filing with the U.S. Bankruptcy Court for the Northern District of Texas.

Mirant Americas currently owns 11.14 million shares of the Intercontinental's class A common stock.

Intercontinental is finalizing an initial public offering of the common stock, as well as a secondary offering.

Mirant Americas wants to sell its share of the secondary offering, estimated to be about 8% to 14% of its shares, depending upon the participation of other shareholders in the secondary offering.

According to the motion, Mirant Americas has no use for the shares and proceeds from the sale will benefit the company's estates.

The company also obtained a waiver of the customary 10-day automatic stay that applies after a sale is approved because the deadline to participate in the secondary offering is Friday.

Mirant, an Atlanta-based power company, filed for bankruptcy July 14, 2003. Its Chapter 11 case number is 03-46590.

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