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MINNEAPOLIS, Minn., Oct. 13, 2003 -- Xcel Energy announced that it had received the necessary order from the SEC under the Public Utility Holding Company Act regarding the bankruptcy filing of its subsidiary, NRG Energy.
The order from the SEC was needed before NRG could solicit approval from its creditors of its plan of reorganization. NRG will now submit the solicitation materials and related plan documentation to the bankruptcy court for final approval before sending the materials to NRG's creditors for a vote.
"We are very pleased to have the SEC approval in hand," said Dick Kelly, Xcel Energy vice-president and chief financial officer. "NRG's advisors have informed us that they are prepared to send the solicitation materials to NRG's creditors as soon as the bankruptcy court gives its approval. Receiving SEC approval at this time is another key step towards meeting our timeline for a final resolution by mid-December."
Xcel Energy is a major U.S. electricity and natural gas company with regulated operations in 12 Western and Midwestern states. Xcel Energy provides a comprehensive portfolio of energy-related products and services to 3.3 million electricity customers and 1.7 million natural gas customers through its regulated operating companies. In terms of customers, it is the fourth-largest combination natural gas and electricity company in the nation. Company headquarters are located in Minneapolis. More information is available at www.xcelenergy.com.
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