Besicorp Acknowledges Niagara Mohawk Announcement of Intent to Proceed With Master Restructuring Agreement.KINGSTON, N.Y.--(BUSINESS WIRE)--May 19, 1998--BESICORP GROUP INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (AMEX AMEX See: American Stock Exchange Emerging Company Marketplace - BGI BGI Barclays Global Investors BGI Bainbridge Graduate Institute BGI Bureau Gravimétrique International BGI Borland Graphic Interface (File Name Extension) BGI Bridgetown, Barbados - Grantley Adams International .EC) acknowledged today that Niagara Mohawk Power Corporation publicly announced that its Board of Directors has approved the Master Restructuring Agreement ("MRA MRA Medical Record Administrator. MRA Magnetic resonance angiography, see MR angiography ") between Niagara Mohawk and fourteen developer/owners of twenty-seven independent power plants. Besicorp, through subsidiaries, together with Kamine Development Corp. and affiliates, owns partnership interests in five of the power plants. The MRA calls for the termination or restructuring of power purchase agreements with Niagara Mohawk and the twenty-seven projects. The Kamine/Besicorp projects provide a total of 323 Megawatts of capacity and energy, and Besicorp holds partnership interests ranging from 36 to 50 percent in such projects. Besicorp believes that the approval by Niagara Mohawk's Board of the MRA is a significant milestone toward the consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of the MRA. The ultimate consummation of the MRA remains subject to certain conditions, including Niagara Mohawk's successful completion of necessary debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay and approval by Niagara Mohawk shareholders of the issuance of common stock to the developer/owners. Besicorp is unable at this time to determine with certainty the net financial impact to it as a result of the MRA due to the remaining contingencies and other variables. Besicorp specializes in the development of independent power projects and energy technologies. CONTACT: Michael J. Daley, Executive Vice President (914) 336-7700 x 114 |
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