edison utility rescue - plan session set for oct . 9 by davis edison utility rescue - plan session set for oct . 9 by davis
by michael b . marois
sacramento , california , sept . 27 ( bloomberg ) - - a special legislative session to consider a rescue package for edison international ' s insolvent california utility won ' t begin until oct 9 . , aides for governor gray davis said .
the governor had been expected to call lawmakers back oct . 2 . his aides didn ' t explain the reasons for the delay . the governor plans to make an announcement at 3 p . m . san francisco time , davis spokeswoman hilary mclean said .
southern california edison , california ' s second - largest utility , accrued $ 3 . 9 billion in debt under the state ' s deregulation law , which froze consumer rates and let wholesale power costs rise . some of the utility ' s creditors are trying to put together a group of three to force the company into bankruptcy . pg & e corp . ' s pacific gas & electric , the state ' s largest utility , filed for bankruptcy in april .
the legislature adjourned sept . 15 without approving a $ 2 . 9 billion rescue package , prompting davis to announce he would call lawmakers back to sacramento to consider a new plan .
the latest edison measure may let the utility sell $ 2 . 5 billion to $ 2 . 9 billion in bonds to pay off its debt , secured by existing rates on about 20 percent of its largest commercial customers , davis aides said last week .
edison utility rescue - plan session set for oct . 9 by davis
edison utility rescue - plan session set for oct . 9 by davis
by michael b . marois
sacramento , california , sept . 27 ( bloomberg ) - - a special legislative session to consider a rescue package for edison international ' s insolvent california utility won ' t begin until oct 9 . , aides for governor gray davis said .
the governor had been expected to call lawmakers back oct . 2 . his aides didn ' t explain the reasons for the delay . the governor plans to make an announcement at 3 p . m . san francisco time , davis spokeswoman hilary mclean said .
southern california edison , california ' s second - largest utility , accrued $ 3 . 9 billion in debt under the state ' s deregulation law , which froze consumer rates and let wholesale power costs rise . some of the utility ' s creditors are trying to put together a group of three to force the company into bankruptcy . pg & e corp . ' s pacific gas & electric , the state ' s largest utility , filed for bankruptcy in april .
the legislature adjourned sept . 15 without approving a $ 2 . 9 billion rescue package , prompting davis to announce he would call lawmakers back to sacramento to consider a new plan .
the latest edison measure may let the utility sell $ 2 . 5 billion to $ 2 . 9 billion in bonds to pay off its debt , secured by existing rates on about 20 percent of its largest commercial customers , davis aides said last week .