USGen New England posts $1.11 million March operating loss

By Caroline Salls

Pittsburgh, May 19 - USGen New England, Inc. reported a $1.11 million operating loss for March on sales of $11.42 million, according to its monthly operating report filed Thursday with the U.S. Bankruptcy Court for the District of Maryland.

The company posted net income of $79.24 million for March.

Cash at the end of the month was $980.17 million.

Based in Bethesda, Md., USGen New England is a subsidiary of National Energy & Gas Transmission. The companies filed for protection under Chapter 11 on July 8, 2003 in cases that are separately administered.

National Energy emerged from bankruptcy last fall and expects to cease operations this year. USGen is still in Chapter 11. Its case number is 03-30459.

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