Entergy New Orleans' hearing on termination of exclusive periods continued to Dec. 7

By Jennifer Lanning Drey

Portland, Ore., Nov. 16 - The hearing on Entergy New Orleans Inc.'s secured bond insurer Financial Guaranty Insurance Co.'s motion to terminate the company's exclusive periods to file a plan of reorganization and solicit votes on the plan has been continued to Dec. 7, according to a Thursday filing with the U.S. Bankruptcy Court for the Eastern District of Louisiana.

The company's exclusive periods were extended to Dec. 7 from Nov. 15 to coincide with the hearing.

According to the order, Entergy New Orleans and Financial Guaranty have a substantial chance of agreeing on a consensual plan but need additional time in order to do so.

Entergy New Orleans' Gordon and Lowenburg plaintiffs and The Bank of New York as successor trustee also previously filed motions for an order terminating the company's exclusive periods.

A hearing on the company's disclosure statement has been scheduled for Jan. 25, according to the order.

Entergy New Orleans provides electric and natural gas service to customers in New Orleans and is the smallest of Entergy Corp.'s five utility companies. Entergy New Orleans filed for Chapter 11 on Sept. 23, 2005. Its case number is 05-17697.

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