The filings include Mirant Corp., Mirant Americas Generation, LLC and wholly owned subsidiaries in the US. Mirant owns the coal-fired Chalk Point, Morgantown, Potomac River, Dickerson and Lovett plants. Excluded from the filings are operations in the Philippines and the Carribbean.

 

The company announced the financial restructuring would secure $500 million in debtor-in-possession financing. It said worldwide operations would continue without interruption.

 

Before filing the company had been attempting to restructure through negotiations for several months with its bank lenders and bondholders.

 

"Although we received broad support from the company's creditors on our restructuring plan, failure to obtain the timely support of our key lenders created substantial uncertainty in the marketplace about the outcome of these discussions," Mirant CEO Marce Fuller said.

 

"This, in turn, put a strain on our liquidity and threatened the feasibility of our business plan. Add to this, uncertainty about the timing of the recovery in power prices and a slow economic recovery in the U.S., and it became clear that a comprehensive financial reorganization was the best approach for our stakeholders."

 

Mirant has joined what is beginning to be a long list of energy bankruptcy filings, joining PG&E National Energy Group and Xcel Energy subsidiary NRG Energy.