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EL PASO ELECTRIC COMMENTS ON PAYMENTS ON PREPETITION DEBT

 EL PASO ELECTRIC COMMENTS ON PAYMENTS ON PREPETITION DEBT
 EL PASO, Texas, Feb. 12 /PRNewswire/ -- El Paso Electric (NASDAQ: ELPA) confirmed today that, in accordance with restrictions imposed as a result of its bankruptcy filing on Jan. 8, 1992, it has not made any payments of interest and principal on debt instruments, including bonds issued under its first and second mortgage indentures, pollution control bonds and other secured and unsecured credit facilities. Pursuant to applicable provisions of the U.S. Bankruptcy Code, the company cannot make payments, whether of principal or interest, on any prepetition debt of the company without the approval of the Bankruptcy Court. Due to the complexity of the issues involved, including the evaluation of the company's existing obligations and the regulatory issues inherent to the company's status as a public utility, the company has not yet sought court authority to make such payments and has not yet determined whether or when, if at all, it might seek authority to do so.
 El Paso Electric Company is an electric utility serving approximately 248,000 customers in El Paso, Texas and the Rio Grande Valley in Texas and New Mexico. The company has a 15.8 percent interest in each of the three 1,270-megawatt nuclear units at the Palo Verde Nuclear Generating Station located near Phoenix, Ariz.
 -0- 2/12/92
 /CONTACT: Alan Lee Bunnell of El Paso Electric, 915-543-5823/
 (ELPA) CO: El Paso Electric Company ST: Texas IN: UTI SU:


KD -- NY030 -- 9171 02/12/92 10:54 EST
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Publication:PR Newswire
Date:Feb 12, 1992
Words:253
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