Mirant equity holders seeking 1.07% rate for post-petition interest

By Ellen Chang

Houston, Feb. 23 - Mirant's official committee of equity holders is seeking an order fixing any post-petition interest to be paid to creditors at the federal judgment rate of 1.07%, according to a Tuesday filing in the U.S. Bankruptcy Court for the Northern District of Texas.

The rate is the average of the 1-year constant maturity Treasury yield for the week preceding the petition date of July 14, 2003, or 1.07% if compounded yearly.

A hearing is scheduled for March 23.

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

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