HADSON COMPLETES SALE OF POWER SYSTEMS UNIT
HADSON COMPLETES SALE OF POWER SYSTEMS UNIT OKLAHOMA CITY, Dec. 16 /PRNewswire/ -- Hadson Corporation
(NYSE: HAD) announced today that it has completed the sale of its Hadson Power Systems Unit to a subsidiary of LG&E Energy Corp (NYSE: LGE). The proceeds of the transaction amounted to $50,500,000 with additional amounts payable under certain conditions.
J. Michael Adcock, president of Hadson said, "The culmination of this sale is an important step in Hadson's program to reduce its long- term debt. We wish LG&E much success with this very fine business organization." Hadson also announced that it will today make the semi-annual interest payment on its 7-3/4 percent convertible subordinated debentures which was due on Nov. 15, 1991. The record date for the payment is Dec. 11, 1991. Hadson Corporation is an independent producer and supplier of energy products. Hadson has continuing operations in the purchasing, gathering, processing, transporting and marketing of natural gas and gas liquids. -0- /CONTACT: J. Michael Adcock, president and chief operating officer of Hadson, 405-235-9531/ (HAD LGE) CO: Hadson Corporation; LG&E Energy Corp. ST: Oklahoma IN: OIL SU: SH -- NY020 -- 2400 12/16/91 09:38 EST
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|Date:||Dec 16, 1991|
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