National Energy & Gas Transmission, Inc.'s Chapter 11 plan of reorganization became effective last October and it emerged from bankruptcy protection. NEGT has issued 100 percent of its equity and $1 billion in notes to its unsecured creditors - a diversified group of banks and other financial institutions.
On June 30, 2005, NEGT made a distribution, principally as a result of the disallowance of certain Disputed Class 3 Claims totaling approximately $385 million, pursuant to the plan to holders of Allowed Class 3 Claims entitled thereto. Please click here for the complete Summary of Issuances of Plan Securities, Note Redemptions and Cash Distributions Pursuant to the Modified Third Amended Plan of Reorganization for NEGT.
NEGT expects to cease operations during 2005 and has now closed on all the sales of its major assets.
In March, 2005, NEGTs USGen New England, Inc. subsidiary closed on the approximately $505 million sale of its hydroelectric generation assets to an affiliate of TransCanada Corporation.
In January 2005, NEGT closed on the approximately $521 million equity interest sale of 11 power plants and other assets to Cogentrix Power Holdings LLC (formerly known as GS Power Holdings II LLC), a subsidiary of Cogentrix Energy, Inc.
In January 2005, NEGT's USGen New England, Inc. subsidiary closed on its approximately $656 million sale of three fossil fuel plants to Dominion.
In November 2004, NEGT closed on the sale of its Gas Transmission Northwest Corporation subsidiary to TransCanada for $1.7 billion, which included $500 million of assumed debt.