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National Energy to sell Gas Transmission Northwest to TransCanada
New York, Feb. 24 - National Energy & Gas Transmission, Inc. said it has agreed to sell Gas Transmission Northwest Corp. to TransCanada Corp. for $1.073 billion including $500 million of assumed debt.
The sale is subject to approval by the U.S. Bankruptcy Court for the District of Maryland. TransCanada is expected to be the stalking horse bidder in an auction.
Bethesda, Md.-based National Energy filed for Chapter 11 in July 2003.
Gas Transmission Northwest operates 1,350 miles of natural gas pipeline from near Kingsgate, B.C. to near Malin, Ore. and 80 miles from near Ehrenberg, Ariz. to near Ogilby, Calif.
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