New Power looking to find new buyer

ATLANTA - Georgia&#39;s No. 4 natural gas marketer is trying to find a new buyer after the collapse of a merger with a British suitor. <br> <br> Centrica PLC pulled out of a $130 million acquisition deal on Thursday, leaving New Power Co.&#39;s parent, NewPower Holdings, without a buyer to help solve its financial problems. <br> <br> NewPower was launched by Enron Corp. in 1999 as a national energy marketer. The company disclosed last month when it agreed to a takeover by Centrica that its auditors had indicated ``substantial doubt about its ability to continue as a going concern.&#39;&#39; <br> <br> The merger depended on a ruling by the bankruptcy judge overseeing the finances of Enron that would shield Centrica from Enron-related tax and pension liabilities. <br> <br> Centrica, the parent company of the state&#39;s fifth-ranked gas marketer, Energy America, said it was pulling out after an adverse ruling by the judge on Wednesday.

http://accesswdun.com/article/2002/3/196736