Sunday, September 25, 2005

Entergy New Orleans files for bankruptcy in wake of Katrina

via MSN Money, which is no coincidence:

NEW ORLEANS (AP) - The New Orleans subsidiary of Entergy Corporation is declaring bankruptcy.

The move by Entergy New Orleans into Chapter Eleven protection comes as it works to restore gas and power service to the city. The request for "debtor-in-possession" financing would have the parent company make up to 200 (m) million dollars in loans to the utility. It's asking that up to 150 (m) million of that loans be approved on an interim basis.

Without sorting through reams of mind-meltingly boring court filings to get to the true details, this is a bit speculative. But as I noted previously, Entergy does big business with NBC's parent GE. If Entergy uses the bankruptcy to walk away from big debts to GE, it will be interesting to see how it affects NBC's coverage.

Oh, right... corporate never dictates editorial policy. Silly me.


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