Mirant DIP maturity extended to Jan. 31

By Caroline Salls

Pittsburgh, Oct. 27 - Mirant Corp. obtained approval of an amendment to its debtor-in-possession financing agreement that extends the maturity to Jan. 31 from Nov. 5, according to a Wednesday filing with the U.S. Bankruptcy Court for the Northern District of Texas.

According to its motion, the company requested the extension in an effort to ensure that the financing agreement will mature after its proposed plan of reorganization takes effect.

A hearing on plan confirmation is scheduled for Dec. 1.

According to the filing, Mirant has about $63 million in letters of credit currently outstanding under the financing agreement.

Mirant, an Atlanta-based power company, filed for bankruptcy July 14, 2003. Its Chapter 11 case number is 03-46590.

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