Bankruptcy Court Approves Mirant Settlement with Unitil.Energy Editors/Business Editors HAMPTON, N.H.--(BUSINESS WIRE)--Dec. 11, 2003 Unitil Corporation (AMEX AMEX See: American Stock Exchange : UTL UTL Utility UTL Universidade Técnica de Lisboa (Portugal) UTL University of Toronto Libraries (Canada) UTL Unable To Locate UTL Universal Task List UTL Upper Tolerance Limit UTL Unit Transmittal Letter ) (www.unitil.com) today announced that the Federal Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. presiding pre·side intr.v. pre·sid·ed, pre·sid·ing, pre·sides 1. To hold the position of authority; act as chairperson or president. 2. To possess or exercise authority or control. 3. over the Mirant (MIRKQ) bankruptcy proceeding has approved the settlement between Unitil's New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). based utility subsidiaries, Unitil Energy Systems, Inc. (UES UES UNE (University of New England) Economics Society UES Upper East Side (Manhattan, NY) UES Upper Esophageal Sphincter UES Unified Energy Systems of Russia UES Waukesha, Wisconsin ) and Unitil Power Corp. (UPC (Universal Product Code) The standard bar code printed on retail merchandise, which is administered by GS1 US, Brussels, Belgium and Lawrenceville, NJ (www.gs1.org). ), and Mirant's subsidiary Mirant Americas Energy Marketing, L.P. (Mirant Americas). This settlement concerned the Portfolio Sale and Assignment and Transition and Default Service Supply Agreement among UES, UPC and Mirant Americas. Under the terms of the settlement, Mirant Americas has agreed to assume and continue to fulfill its power purchase and sale obligations under the Agreement, to cure all pre-petition obligations, and to settle certain other disputes. Unitil has agreed to accelerate the payment of amounts it has held back from Mirant Americas. "We are pleased that the Court has approved the settlement, which resolves a major source of uncertainty for our customers while allowing both parties to continue doing business together under a contract beneficial to both sides," said Robert G. Schoenberger, Unitil's Chairman and Chief Executive Officer. Unitil is a public utility holding company with subsidiaries providing electric service in New Hampshire and electric and gas service in Massachusetts and energy services throughout the Northeast. Its subsidiaries include Unitil Energy Systems, Inc., Fitchburg Gas and Electric Light Company, Unitil Power Corp., Unitil Realty Corp., Unitil Service Corp. and its unregulated business segment Unitil Resources, Inc. Usource L.L.C. is a subsidiary of Unitil Resources, Inc. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , which are subject to the inherent uncertainties in predicting future results and conditions. All statements, other than statements of historical fact, are forward-looking statements. Certain factors that could cause the actual results to differ materially from those projected in these forward-looking statements include, but are not limited to the following: variations in weather; changes in the regulatory environment; customers' preferences on energy sources; general economic conditions; increased competition; fluctuations in supply, demand, transmission capacity and prices for energy commodities; and other uncertainties, all of which are difficult to predict, and many of which are beyond the control of Unitil Corporation. |
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