Union/Panda Gila sets schedule for more hearings

By Ellen Chang

Houston, March 29 - The Union and Gila River power stations are on track for the scheduled initial confirmation hearing but will need more court time for additional confirmation hearing dates, according to a Monday filing with the U.S. Bankruptcy Court for the District of Arizona.

The companies, Citibank, NA, administrative agent for the pre-bankruptcy lenders, and dissenting bank lenders Aretex LLC and Franklin Mutual Advisers, LLC have agreed to the following timeline:

* The previously scheduled April 5 hearing will be a preliminary hearing on confirmation of the plan;

* Depositions of expert witnesses should be completed by April 12;

* Objections to confirmation of the plan should be filed by April l4;

* The presentation of all expert witness, including cross examinations should be completed during hearings on April 18-20;

* Responses to the non-consenting banks' objections are due by April 28;

* A continued confirmation hearing will be held on May 10; and

* Continued confirmation hearings to complete trial of outstanding issues, including the non-consenting banks' insider allegations, will be held May 13, 16, 17 and, if necessary, for half a day on May 18.

Union and Gila River - officially Union Power Partners LP, Panda Gila River LP, Transunion Interstate Pipeline LP and UPP Finance Co. - had previously said they believe it is "critical to have the confirmation hearing concluded as quickly as possible, and certainly no later than the end of May 2005, in order to provide continued stability to their trading counterparties (with whom they buy gas and sell power) and to take advantage of enhanced revenue opportunities as the summer months approach."

The disclosure statement for TECO Energy, Inc.'s Union and Gila River power stations was approved by the U.S. Bankruptcy Court for the District of Arizona in March.

The two projects filed for Chapter 11 on Jan. 27 after failing to receive support for a restructuring agreement from all their lenders. The case number is 05-01143.

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