In headlines this morning, there is life after bankruptcy.
Just four months after emerging from bankruptcy, electrical power generator Mirant Corp. made a hostile, $15.7 billion offer for its larger rival NRG Energy.
Mirant sought Chapter 11 protection nearly three years ago having felt the effects of Enron Corp.’s collapse, while NRG, which also suffered after Enron crumbled, emerged in 2003, and just months ago took Texas Genco LLC for $8.8 billion.
In other news, France-to-Britain rail operator Eurotunnel Group unveiled plans Wednesday to restructure and finally end a 12-year fight to stay out of bankruptcy.
In a two-part debt overhaul, the company will write off $6.2 billion in liabilities, nearly half its overhang, while the rest will be restructured by a consortium from Goldman Sachs Group Inc., Barclays plc and Macquarie Bank Ltd.
And coming up in The Daily Deal midday PDF and on The Deal.com: Falconbridge Ltd.'s board has decided to continue to recommend a buyout offer from Inco Ltd., rather than lean toward a rival bid from Xstrata; ADC Telecommunications and Andrew Corp. agree to a stock swap worth $2 billion to greatly expand their presence in communications network infrastructure; and Constellation Energy Group Inc. halts merger integration planning with FPL Group Inc. due to uncertainty around gaining Maryland regulatory clearance.—Carolyn Murphy
Mirant goes hostile on NRG
Eurotunnel agrees to restructuring
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