Dynegy!Rettung vor CH11!!! - 500 Beiträge pro Seite

[donnerpower]

Enron und Dynegy vergleichen sich in Fusionsklage
Enron erhält 25 Millioenen Dollar




Houston - Die beiden schwer angeschlagenen amerikanischen Energiekonzerne Enron und Dynegy haben eine Fusionsklage von Enron in einem Vergleich beigelegt. Der bankrotte Energiehändler Enron erhält 25 Mill. Dollar (25,4 Mill. Euro) von Dynegy, teilten die beiden in Houston ansässigen Gesellschaften am Donnerstag mit. Enron erhält auch Zugang zu in Treuhandverwaltung befindlichen Mitteln im Zusammenhang mit dem Kauf der Pipelinefirma Northern Natural Gas Company (NNG) durch Dynegy.
Der Vergleich ermöglicht Dynegy den Weiterverkauf der Pipeline für 928 Mill. Dollar an MidAmerican Energy, die von der Investmentfirma Berkshire Hathaway des US-Milliardärs Warren Buffet kontrolliert wird.

Die Enron-Klage gegen Dynegy bezog sich auf die geplatzte Fusion der beiden Firmen. Dynegy wollte die Energiehandelsfirma Enron im November vergangenen Jahres kaufen, zog aber im letzten Moment die Offerte zurück. Dynegy hatte Enron aber 1,5 Mrd. Dollar zukommen lassen und dafür als Sicherheit die Pipeline erhalten. Enron beschuldigte Dynegy, den Zusammenschluss nur deshalb torpediert zu haben, um die Leitung in ihren Besitz zu bekommen. Enron meldete im Dezember 2001 Konkurs an und verklagte Dynegy. Der Enron-Konkurs hatte die beispiellose Welle von Buchführungsskandalen in den USA eingeleitet.(APA/dpa)


_________________________________________________________________________________________________________________________________________


FT.com
Dynegy back from brink in $2bn pipe deal
By Sheila McNulty in Houston

Dynegy on Friday completed the sale of a pipeline company to billionaire Warren Buffett`s energy group for nearly $2bn, moving decisively back from the brink of bankruptcy.

The deal was finalised days after Dynegy warned regulators that it might be forced to seek bankruptcy protection from creditors if it couldn`t complete the sale.


Dynegy overcame a final hurdle in completing the transaction on Thursday, when the Houston-based energy trader settled a $10bn lawsuit by Enron that included provisions aimed at easing the transition of the Northern Natural Gas pipeline company to a new owner.

"The completion of this asset sale is an important step in Dynegy`s ongoing efforts to improve its financial profile," said Dan Dienstbier, Dynegy`s interim chief executive officer.

MidAmerican Energy, controlled by billionaire Warren Buffett`s Berkshire Hathaway, paid $928m in cash and assumed $950m in Northern Natural debt to buy the pipeline. Earlier this year, MidAmerican bought the Kern River Gas Transmission Company from Williams, another distressed energy trader. Those have been the two biggest purchases of the numerous assets energy traders have put on sale to shore up their balance sheets amid the growing crisis of confidence in their credibility. Regulators are investigating many traders for deceptive transactions and the major ratings agencies have downgraded many of them below investment grade.

Dynegy had only bought the pipeline company from Enron, the bankrupt energy trader, in February for $1.5bn, and the assumption of debt. That Dynegy had to sell it so quickly - and at such a steep discount - underlined the fragility of its financial position.

The energy trader has been under heightened pressure since Enron collapsed in December, days after Dynegy declined to go through with their merger. Enron had sought $10bn in damages, charging that Dynegy`s withdrawal had forced it into bankruptcy.

Dynegy paid Enron $25m to settle the lawsuit. In exchange, Enron agreed to release Dynegy from all claims relating to the terminated merger and to dismiss the litigation. Enron also agreed to continue providing transition services until January 31 2003 to Northern Natural Gas once MidAmerican`s purchase of the pipeline was completed.

More News at FT.com:

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FT.com
Dynegy Rückseite vom Rand im $2bn Rohrabkommen durch Sheila McNulty in Houston

Dynegy am Freitag führte den Verkauf einer Rohrleitungfirma billionaire Warren Buffetts zur Energiegruppe für fast $2bn durch und entscheidend schob vom Rand des Bankrotts zurück.

Das Abkommen wurde Tage nach Dynegy gewarnten Reglern beendet, daß es gezwungen werden konnte, Bankrottschutz vor Gläubigern zu suchen, wenn es nicht den Verkauf durchführen könnte.


Dynegy überwand eine abschließende Hürde, wenn er die Verhandlung am Donnerstag durchführte, als der Houston-gegründete Energiehändler einen $10bn Prozeß durch Enron vereinbarte, dem enthaltene Bestimmungen anstrebten, den Übergang der Norderdgasrohrleitungfirma zu einem neuen Inhaber zu erleichtern.

"die Beendigung dieses Wertverkaufes ist ein wichtiger Schritt in Dynegys fortwährenden Bemühungen, sein finanzielles Profil zu verbessern,", sagte Dan Dienstbier, Generaldirektor Zwischenzeit Dynegys.

MidAmerican Energie, gesteuert durch billionaire Warren Buffetts Berkshire Hathaway, zahlendes $928m im Bargeld und angenommenes $950m in der natürlichen Nordschuld, um die Rohrleitung zu kaufen. Früh kaufte dieses Jahr, MidAmerican den Kern River Gas Transmission Company von Williams, ein anderer beunruhigter Energiehändler. Die sind die zwei größten Erwerbe der zahlreichen Werte gewesen, Energie, diehändler an Verkauf gesetzt haben, um ihre Bilanzen unter der wachsenden Krise des Vertrauens in ihrer Glaubwürdigkeit abzustützen. Regler forschen viele Händler für trügerische Verhandlungen nach und die Hauptbewertungen Agenturen haben viele von ihnen unterhalb der Versicherungsklassifizierung degradiert.

Dynegy hatte nur die Rohrleitungfirma von Enron, den bankrotten Energiehändler, im Februar für $1.5bn und die Annahme der Schuld gekauft. Daß Dynegy es so schnell verkaufen mußte - und an solch einem steilem Diskont - unterstrich die Zerbrechlichkeit seiner Finanzlage.

Der Energiehändler ist unter erhöhtem Druck gewesen, seit Enron im Dezember einstürzte, die Tage nach Dynegy gesunken, um mit ihrer Fusion durchzumachen. Enron hatte $10bn in den Beschädigungen gesucht und aufgeladen, daß Zurücknahme Dynegys es in Bankrott gezwungen hatte.

Dynegy zahlte Enron $25m, um den Prozeß zu vereinbaren. Im AustauschWAR Enron, Dynegy von allen Ansprüchen in bezug auf die beendete Fusion freizugeben damit einverstanden und den Rechtsstreit zu entlassen. EnronWAR auch damit einverstanden Übergang, Services bis Januar 31 2003 zum Norderdgas zur Verfügung zu stellen fortzufahren, sobald Erwerb MidAmericans der Rohrleitung durchgeführt wurde.

Mehr Nachrichten an FT.com:

[tdwzb]

gibts bei dyn vorbörsliche kurse?

[tdwzb]

hat sich erledigt!
akt.: 2,65$

[donnerpower]

@tdwzb

Akt.2,65!

[donnerpower]

[tdwzb]

achtung:
usa nur mehr 2,05$!

[tdwzb]

ups... das war saba!
sorry..

[donnerpower]

[donnerpower]

Wahnsinn über 250% in kurzer Zeit gestiegen



Die Dynegy Inc. legte am Dienstag eine Ergebnisprognose für 2003 vor, die sich deutlich über den Schätzungen der Analysten befindet. Zudem teilte man mit, dass die Liquidität Ende Dezember 2002 bei 1,47 Mrd. Dollar lag.

Für dieses Jahr geht das Unternehmen von einem Nettogewinn von 31-54 Mio. Dollar bzw. 8-15 Cents pro Aktie aus. Analysten prognostizieren derzeit einen Gewinn von lediglich 3 Cents pro Aktie.

Der operative Cash-Flow (EBITDA) soll in 2003 rund 1,2-1,3 Mrd. Dollar betragen, das EBIT ca. 465-500 Mio. Dollar.

[donnerpower]

+40%

[donnerpower]

Wahnsinn vor kurzen noch bei 0,70 und heute über 2,50 schon:eek

[skipper2002]

jaaaaaaaaa @donner, das hab ich auch bemerkt, die frage ist nur, wie geht`s weiter??????
deine meinung würde mich schon interessieren.
mfg

[donnerpower]

Die Zahlen scheinen nun wirklich der Hammer zu werden,

ABER wichtig ist jetzt wie es weiter gehen soll, man hat zwar mit Nick Caruso
ein bekannten und einflußreichen Mann ins Boot geholt aber leider ist der
Restrukturierungsplan noch nicht ganz erstellt worden.

Wie gesagt das Unternehmen hat sich jetzt von vielen Verluststellen getrennt,
leider fehlt jetzt noch eine Eindeutige Zukunftsaussage!

Kurse bis 3 und mehr sind zwar mit diesen Umsätzen möglich,nur die aktuellen
Zahlen sollte man doch schon abwarten um vielleicht hier noch Nachzukaufen o. jetzt
im Hoch ein zu steigen!

[skipper2002]

vielen dank@donner

[donnerpower]

Bankruptcy Tangles Enron Contract Disputes >ENRNQ DYN AES

NEW YORK (Dow Jones)--A contract dispute may sound straightforward enough, but it`s not so simple when one party involved is in bankruptcy.
As many of Enron Corp.`s trading partners have recently found out, the company`s bankruptcy-protection filing has greatly complicated a kind of contractual dispute that could normally be settled outside court.



Over the past two months, a spate of Enron`s former business partners, such as Dynegy Inc. (NYSEYN - News) and AES Corp. (NYSE:AES - News) , have found themselves embroiled in legal battles with the fallen energy giant. All raise the question of whether the bankruptcy court should refer the underlying contract controversy to arbitration.

For Enron, which wants the issues to stay in the bankruptcy court, more than $ 6 billion could be at stake, as the company is party to thousands of commodities contracts that have arbitration terms. That represents "either the largest or one of the largest remaining assets" of the company`s property, Enron`s lawyers wrote in a November suit against Dynegy.

These two Texas firms have scheduled to argue on Thursday in front of Judge Arthur Gonzalez in the New York bankruptcy court.

The dispute between Enron and Dynegy involves a so-called master netting agreement, entered into less than a month before Enron`s collapse into bankruptcy in December 2001. Such pacts, common in the energy industry, are designed to allow companies to "net" their contract requirements by offsetting negative balances from one transaction with positive balances from another.

Enron brought the lawsuit after Dynegy asked the bankruptcy court to compel the parties to arbitrate their contractual spat. In its objection, Enron has said that request is an attempt to obtain a result "in an arbitration favorable to the Dynegy counterparties that would be prohibited" under the bankruptcy law.

If Dynegy`s request were granted, Enron has said, Dynegy would have more than $93 million in claims against it. But, according to Enron`s calculation, it is Dynegy that owes Enron and its subsidiaries about $230 million.

In Enron`s view, the case illustrates a situation where a bankruptcy court is asked to refer to arbitration a dispute that involves a "core" bankruptcy function - that is, the resolution of claims against a debtor`s bankruptcy estate.

"If the debtor (Enron) had to litigate these core issues before multiple arbitrators in multiple jurisdiction, there will be a serious risk about when and whether a reorganization could be effective," says Peter Gruenberger, a partner of Weil, Gotshal & Manges LLP, representing Enron in bankruptcy.

Dynegy, on the other hand, has said the contract dispute doesn`t raise any core bankruptcy issues, and even if it did, handing the dispute over to arbitration wouldn`t interfere with Enron`s efforts to repay creditors.

David Carlson, a bankruptcy law professor at the Benjamin N. Cardozo School of Law at Yeshiva University in New York, says that in contract cases, where a debtor has negotiated in advance to arbitrate contractual disputes, the bankruptcy court usually weighs two federal policies in deciding whether to enforce the arbitration provision.

One being the Bankruptcy Code and the other the Federal Arbitration Act. A conflict could arise, Carlson says, when the pro-arbitration federal mandate intersects with the bankruptcy code`s grant of jurisdiction to bankruptcy courts

to preside over key bankruptcy matters.

"That`s a sticky issue," Carlson adds.

[CBR900RR]

@donnerpower

ist der Artikel von heute?

[Kursfuzzi]

nein, von gestern.
Kann das mal jemend kurz in deutsch fassen?
Danke
Fuzzi

[CBR900RR]

So wie ich das verstehe, bekommt DYN von Enron $93 Mio wenn sie heute einen Prozess gegen Enron gewinnen. (Aber mein Englisch ist nicht so toll!)

[Kursfuzzi]

trotzdem danke.
Also wenn sie gewinnen.
Nur Enron ist schon in Ch 11.
Können die denn überhaupt bezahlen?
Die Amis scheinen es jedenfalls zu glauben.
Kurs zieht weiter an.
2,55$ aktuell.
Nicht zu fasssen, Hab bei unter 2€ Nachkauf verpasst.
Fuzzi

[donnerpower]

@CBR900RR

Gestern vor Börsenanfang!


@ll

Bitte dran denken:#13

Es stehen noch ein paar Fragen offen

[donnerpower]

.

.

[donnerpower]

Power providers, led by Dynegy`s (DYN: news, chart, profile) 8.5 percent gain to $2.63, were up solidly in recent trading. Dynegy, once again, was the energy sector`s volume leader as 8.8 million shares changed hands.

[BaronvonMuenchhausen]

Umsatz stimmt,

aber die kommen sicher noch mal unter 2,5

[donnerpower]

ChevronTexaco beendet Verträge mit Dynegy


Die ChevronTexaco Corp., der zweitgrößte Ölkonzern in den USA, meldete am Freitag, dass sie ihre Erdgas-Verträge mit der Dynegy Inc. zum 1. Februar 2003 beendet hat, was im Zuge des Ausstieg von Dynegy aus dem Energiehandel und -Marketing geschieht.
Durch die Kündigung der Verträge, die eigentlich bis August 2006 laufen sollten, erhält ChevronTexaco die Möglichkeit, mit ChevronTexaco Natural Gas selbst in den Markt für Erdgas-Handel einzusteigen. Bisher hat man fast seine gesamte Erdgas-Produktion an Dynegy verkauft. Für die Kündigung hat Dynegy 11 Mio. Dollar gezahlt.




ChevronTexaco, Dynegy end natural gas agreements

HOUSTON, Jan 17 (Reuters) - ChevronTexaco , the No. 2 U.S. oil company, on Friday said it has agreed to end its natural gas contracts with Dynegy Inc. as part of a plan for Dynegy to exit the energy marketing and trading business.

The agreement, which takes effect on February 1, enables ChevronTexaco to re-enter the wholesale natural gas business as ChevronTexaco Natural Gas, the company said.

ChevronTexaco had been selling substantially all of its natural gas production in the lower 48 U.S. states, more than 2 billion cubic feet per day, to Dynegy, while Dynegy supplied natural gas to ChevronTexaco`s downstream, or refining and marketing, and power facilities. The agreements were scheduled to run through August 2006.

Dynegy, which has paid about $11 million to ChevronTexaco to end the agreements, asked ChevronTexaco last October to consider ending the agreements early after Dynegy said it would exit the energy trading business, as part of a plan to strengthen the company`s financial position.

[skipper2002]

ist merkwürdig ruhig geworden um dynegy.......bin immer noch mit dabei, weiß aber ehrlich nicht, auf welchem zug ich sitze
vielleicht weiß einer , was eventuell zu erwarten ist.
msfg

[donnerpower]

Former Dynegy trader charged in pricing case


A former senior trader at Dynegy has been indicted on federal charges of giving bogus data to an industry publication widely used to set natural gas prices.

As detailed in a federal indictment unsealed Monday, Michelle Marie Valencia, 32, was charged with three counts of false reporting under the Commodity Exchange Act as well as four counts of wire fraud. She pleaded not guilty.

The charges from U.S. Attorney Michael Shelby`s office in Houston mark the second case of its kind, as his investigation continues into a variety of energy trading practices across the industry.



The indictment alleges that Valencia fabricated natural gas trades for submission to Inside FERC`s Gas Market Report three times from November 2000 to February 2001.

Inside FERC`s is one of several publications that collect trading data to compile indexes, which have been used as benchmarks to price billions of dollars in natural gas contracts.

Manipulation of indexes can skew the prices consumers ultimately pay for their natural gas or electricity.

Valencia, who was fired by Dynegy last month after working there about three years, was arrested at her Houston home Monday.

When appearing before U.S. Magistrate Judge Calvin Botley later that morning, her hands were handcuffed to a thick chain that wrapped around her waist. She posted 5 percent of a $100,000 bond and was released. A trial was set for March.

Each false reporting charge is punishable by up to five years in prison and a maximum fine of $500,000, while each wire fraud charge can result in up to five years in prison and a maximum fine of $250,000.

Valencia`s attorney, Chris Flood, said his client was the "victim of a political prosecution by the current administration trying to do something to rid itself of the stain they have from the energy industry."

Flood said Valencia didn`t defraud the company or personally gain from supplying the data to the publication.

"If any of the trades were not true, and I`m not conceding one way or the other that they are, they didn`t affect gas prices or consumers."

The indictment alleges that Valencia made up 43 natural gas trades said to have been done through "hubs" in the western United States, including those in California and New Mexico.

A series of energy investigations were kick-started by California`s 2001-2002 energy crisis and the collapse of Enron Corp.

Early last month, prosecutors unsealed an indictment of Todd Geiger, a former El Paso Corp. vice president and natural gas trader. He is charged with one count of false reporting and one count of wire fraud and is alleged to have fabricated 48 trades and provided information about them to Inside FERC`s. He`s pleaded not guilty.

"False reporting" has been used in civil cases involving the manipulation of various markets, including agriculture and energy, said Stephen Obie, regional counsel with the Commodity Futures Trading Commission, which aided prosecutors on the Valencia case.

But the Geiger and Valencia cases are the first time the false reporting provision has been used as part of a criminal case, he said.

Additional criminal charges related to price indexes are expected. Three other companies have also disclosed that employees gave bad data to trade publications.

"Our markets are the bedrock of the U.S. economy," Shelby said Monday. "The market works only when there is a free flow of truthful information among its members, and we intend to hold criminally accountable any person who attempts to manipulate the market by knowingly disseminating false information."

Publications survey a variety of traders to create indexes. Up or down movement in index prices can boost profits traders make for their companies.

The Valencia indictment didn`t include allegations detailing her motivation or charge that she benefited in any specific way.

In the Geiger case, it appears the allegedly fabricated trades weren`t used in index calculations. In December, Platts, which publishes Inside FERC`s, said that "an initial review" of its records indicated the data was considered and rejected.

In this case, a Platts spokesman wouldn`t directly answer the question of whether Valencia`s allegedly fictitious trades were used.

"The fact that data is received does not mean data is utilized in our publications of electricity and natural gas price indexes," said Platts spokesman Jim Keener. "Bad data in is not necessarily bad data out."

In a statement, Dynegy noted Valencia was one of seven employees fired after an internal investigation indicated bad data was supplied for indexes. Such actions violated company policy, Dynegy said.

Dynegy reached a $5 million settlement with the futures commission last month, ending that agency`s probe into its traders supplying false data to trade publications. Dynegy didn`t admit or deny the findings in the commission`s order.

The Commodity Futures Trading Commission said its probe found Dynegy traders submitted false information from at least January 2000 through June 2002.

[donnerpower]

Settlement challenge tossed out
Dynegy agreement with Enron stands
Bloomberg Business News
NEW YORK -- A federal judge on Monday turned aside a challenge by Enron shareholders to the company`s $88 million settlement of a lawsuit it brought against rival energy company Dynegy for abandoning a $23 billion takeover.

Enron sued in December 2001, seeking $10 billion after Dynegy canceled an agreement to rescue the struggling energy trader.

The suit was part of Enron`s Chapter 11 case, at the time, the largest-ever U.S. bankruptcy. Dynegy pulled out of the proposed acquisition four days earlier. On Aug. 15, Houston-based Dynegy agreed to pay its cross-town rival $88 million to resolve the dispute. A U.S. bankruptcy judge later upheld the pact.

U.S. District Judge Alvin Hellerstein rejected a challenge to the settlement by Enron shareholders, who said it might block their legal claims against Dynegy. Shareholders can still sue Dynegy, Hellerstein said in a five-page ruling, echoing an earlier one in October.

"The bankruptcy court`s approval of the settlement was neither manifestly erroneous nor a clear abuse of discretion," Hellerstein said.

Enron claimed in its suit that Dynegy used a pretext to cancel its bailout bid so it could kill off a competitor. Enron executives said Dynegy made a rescue bid valued at more than $23 billion in assumed debt and stock in November 2001.

Enron, once the seventh-largest corporation in the world, was reeling at the time from allegations it hid debt to inflate earnings. Dynegy officials later withdrew the offer, saying Enron hadn`t disclosed all its debts, including an accelerated $690 million bill.

Dynegy, whose trading losses have brought it close to bankruptcy, restated four years of earnings last week and said the changes may bring it into violation of a loan agreement.

The restatement of results from 1999 through the third quarter of 2002 widened the loss for the period by $431 million to $1.42 billion, the company said. It also added $300 million to Dynegy`s debt, which totaled $4.84 billion at the end of the year.

Dynegy, which posted a loss of $341 million for the fourth quarter, announced in October it would quit energy trading and has been shedding workers and assets to preserve cash. Most revenue from the Houston-based company`s power plants and natural gas processing business will now be needed to pay debt, including at least $1.3 billion in loans due this year, analysts said.


PS. Die Zahlen hätte viele doch lieber erst abwarten sollen wie ich es gesagt habe,Dynegy ist zwar auf einen guten Weg aber hier sollte man den Unternehmen noch VIEL Zeit lassen, irgendwas kommt hier aber noch die ganze Sache wird mir zu Zeit zu schön geschrieben seitens des Unternehmens!!!

Weiter Vorsicht

[donnerpower]

Dynegy Slips as Fitch Slaps On a Downgrade

By Melissa Davis
Staff Reporter


Dynegy`s (DYN:NYSE - news - commentary - research - analysis) grades are slipping.


The troubled energy firm now has a C-level credit rating following a downgrade late Monday by Fitch. The ratings agency dropped Dynegy`s senior unsecured credit two notches, from B to CCC+, over concerns about the company`s ability to meet its obligations.

The speculative C-level rating means Dynegy is considered a potential candidate for default.

In issuing its downgrade, Fitch offered a laundry list of concerns. Most notably, Dynegy is attempting to restructure two bank facilities totaling $1.3 billion that mature over the next two months. The first facility, maturing in April, carries a waiver that exempts Dynegy from a coverage test that it currently cannot pass. The second includes a debt-to-capitalization covenant that could be tripped when Dynegy files year-end results this month.

Fitch expects Dynegy to successfully renegotiate both credit facilities, but has kept the company on negative watch in case things fail to pan out. Meanwhile, Fitch has warned that Dynegy faces extreme challenges even if it secures new financing and buys itself some more time.

Fitch believes any recovery will be slow -- if it materializes at all.

Related Stories
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"Dynegy does not have a large portfolio of remaining assets outside of core operations that it can sell to pay down debt," Fitch said. And "future cash flows from its remaining core operations remain weak relative to its high debt burden."

Fitch`s downgrade followed news Monday that federal regulators are cracking down on a Dynegy business unit. The enforcement division of the Securities and Exchange Commission plans to file a civil lawsuit against Nicor Energy, a joint venture between Nicor (GAS:NYSE - news - commentary - research - analysis) and Dynegy. The SEC has been investigating the venture -- which markets gas and electricity in the Midwest -- for "accounting issues, specifically unbilled revenue," according to a regulatory filing Monday by Nicor.

[SaveEarth]

Offenbar beeindruckt das den Dynegy-Anlegern nicht.
Heute mehr als 10% plus.
Warum das so ist, weiß ich nicht.

mfg

[SaveEarth]

Dynegy Refinances $1.66 Billion in Debt
Dynegy Energy Marketer Strikes a $1.66 Billion Refinancing Deal With Lenders

The Associated Press





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HOUSTON April 2 —
Dynegy Inc. has struck a $1.66 billion refinancing deal with lenders, replacing $1.3 billion in credit facilities that would have matured this month and next.

The energy marketer said the deal, announced Wednesday, includes a $360 million lease related to its communications business that was to mature in December 2005. The refinanced debt is secured by a "substantial portion" of Dynegy`s assets and requires no payments until February 2005.

Dynegy said the deal will hike the company`s interest costs by up to $48 million from previous estimates of $417 million related to the refinancing and collateral requirements for existing businesses pushed higher by a rise in commodity prices.

Dynegy`s announcement follows a $6.2 billion refinancing deal finalized late Monday by fellow energy company Reliant Resources Inc. three days after about half of $5.9 billion was due. Both companies are based in Houston.

They are part of an industry battered by sliding shares, skittish investors and increased regulatory scrutiny in the fallout of Enron Corp.`s December 2001 collapse. Both have credit ratings below investment grade, limiting their ability to borrow money.

But refinancing deals are to be expected when banks prefer getting repaid by solvent companies than selling off assets of business in default, said Jon Kyle Cartwright, an analyst for Raymond James.

"From an investment standpoint, nothing really changes here," Cartwright said. "Banks are not happy about extending money to these companies, but the alternative is to write off the loan. From a business perspective, they`re better off keeping them afloat and hoping they solve their problems in a year."

Dynegy shares dropped 29 cents to close at $2.59 Wednesday on the New York Stock Exchange.


Copyright 2003 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Das war der Grund des Kursrückgangs im späten Handel.