Allegheny Energy subsidiaries get another extension on waivers

By Sara Rosenberg

New York, Feb. 7 - Allegheny Energy Inc.'s subsidiaries Allegheny Energy Supply Co. LLC and Allegheny Generating Co. received an additional extension on waivers under their credit agreements through February 14 from February 7 since the company is still involved in negotiations with lenders.

The waivers are in regard to certain covenants in the agreements.

Allegheny Energy and its subsidiaries are continuing discussions with lenders regarding outstanding defaults, required amendments to existing facilities and additional secured financing, according to a news release.

As was previously announced, if the Hagerstown, Md. energy company is unable to successfully complete negotiations with these lenders, including arrangements with respect to inter-creditor issues, it would likely be forced to seek bankruptcy protection.

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