New Power looking to find new buyer
By
Posted 7:24AM on Friday 29th March 2002 ( 23 years ago )
ATLANTA - Georgia's No. 4 natural gas marketer is trying to find a new buyer after the collapse of a merger with a British suitor. <br>
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Centrica PLC pulled out of a $130 million acquisition deal on Thursday, leaving New Power Co.'s parent, NewPower Holdings, without a buyer to help solve its financial problems. <br>
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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.'' <br>
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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>
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Centrica, the parent company of the state's fifth-ranked gas marketer, Energy America, said it was pulling out after an adverse ruling by the judge on Wednesday.
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