Besicorp Group comments on Niagara Mohawk restructuring proposal.KINGSTON, N.Y.--(BUSINESS WIRE)--Aug. 5, 1996--Besicorp Group Inc. (AMEX AMEX See: American Stock Exchange Emerging Company Marketplace - BGLEC) reported today that, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Niagara Mohawk Power Corp. ("NIMO NIMO Niagara Mohawk (A New York State Power Company) ") in furtherance fur·ther·ance n. The act of furthering, advancing, or helping forward: "Pakistan does not aspire to any . . . role in furtherance of the strategies of other powers" Ismail Patel. of NIMO's Power Choice proposal of last year, it has received a generic proposal from NIMO with respect to a buyout Buyout The purchase of a company or a controlling interest of a corporation's shares. Notes: A leveraged buyout is accomplished with borrowed money or by issuing more stock. of the Power Purchase Agreements ("PPA's") of five projects that it owns in partnerships with affiliates of Kamine Development Corp. of Bedminster, N.J. All five projects are operational, and the PPA's with NIMO have an aggregate scheduled generating capacity of approximately 330 megawatts. Besicorp President, Michael F. Zinn, made the following statement: "We enjoy a positive relationship with NIMO and, as in the past, we will cooperate in seeking solutions to restructuring issues. There are many conditions and contingencies to completing any potential transaction, certain of which are outside the control of either Besicorp or Kamine. Due to the strict confidentiality requirements imposed by NIMO upon all parties involved in these discussions, the Company is unable to make any further comments or discuss any details of the proposal." Besicorp specializes in the development of independent power projects and energy technologies. CONTACT: Besicorp Group Inc., Kingston Michael J. Daley or Steven G. Nachimson, Esq. 914/336-7700 |
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