Entergy New Orleans requests 120-day exclusivity extension in light of unclear financial future

By Caroline Salls

Pittsburgh, March 23 - Entergy New Orleans, Inc. requested a 120-day extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Thursday filing with the U.S. Bankruptcy Court for the Eastern District of Louisiana.

The company wants to extend its exclusive plan filing period to Aug. 21 from April 21 and the solicitation period to Oct. 18, 2006 from June 20.

Entergy New Orleans said the extension is necessary because the effects of Hurricane Katrina on its business keep it from "viewing its financial future clearly" and prevent it from formulating a plan of reorganization.

Specifically, the company said its future depends on when it can return to New Orleans and what amount of losses can be recovered through insurance proceeds, as well as when the losses would be recovered.

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. It filed for Chapter 11 on Sept. 23, 2005 and its case number is 05-17697.

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