Fitch Withdraws Ratings of Mirant and Affiliates.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. affirms the ratings of the debt obligations of Mirant Corporation (Mirant), Mirant American Generating Co LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (MAGI) and Mirant Mid-Atlantic Generation LLC (MIRMA) and simultaneously withdraws all the ratings. Fitch will no longer provide ratings of these issues. Mirant Corporation and its affiliates entered Chapter 11 proceedings Chapter 11 Proceedings Provisions of the Bankruptcy Reform Act under which the debtor firm is reorganized by a court because the estimated value of the reorganized firm exceeds the expected proceeds from its liquidation. in July of 2003. Mirant filed its proposed plan of reorganization in the bankruptcy proceedings bankruptcy proceedings n. the bankruptcy procedure is: a) filing a petition (voluntary or involuntary) to declare a debtor person or business bankrupt, or, under Chapter 11 or 13, to allow reorganization or refinancing under a plan to meet the debts of the party on Jan. 19, 2005, and hearings are scheduled later this month on the evaluation of claims, with subsequent hearings on the proposed plan. The Mirant companies are expected to emerge from bankruptcy no sooner than mid-2005. Holders of MIRMA's pass-through certificates have received current payments during the bankruptcy up to this time and Fitch expects them to receive full recovery. Ratings affirmed and withdrawn: Mirant -- Senior notes and convertible senior notes 'DD'; -- Convertible trust preferred securities 'D'. MIRMA -- Pass-through certificates 'C'. MAGI -- Bank credit facility and senior notes 'DD'. |
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