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Enron Mail |
Please read the Dynegy statement below:
Wednesday November 21, 1:26 pm Eastern Time Press Release SOURCE: Dynegy Dynegy Issues Statement On Enron Merger Status HOUSTON--(BUSINESS WIRE)--Nov. 21, 2001--Dynegy Inc. (NYSE:DYN - news) Chairman and CEO Chuck Watson today said he is encouraged by Enron Corp.'s report this morning that it has closed the remaining $450 million credit facility secured by the assets of Northern Natural Gas Pipeline and has received a commitment from its lead bank to extend the $690 million note payable obligation described in Enron's recent 10-Q filing. ``We are continuing our confirmatory due diligence and working to accelerate the regulatory approvals required to complete the merger in accordance with the previously announced agreement,'' he said. Watson also noted that ChevronTexaco recently reiterated that it has ``full confidence in Dynegy's disciplined management approach to complete the merger and to build a new company into an industry leader.'' ChevronTexaco owns 26 percent of Dynegy's outstanding common stock. Dynegy Inc. is one of the world's top energy merchants. Through its global energy delivery network and marketing, trading and risk management capabilities, Dynegy provides innovative solutions to customers in North America, the United Kingdom and Continental Europe. Certain statements included in this news release are intended as ``forward-looking statements'' under the Private Securities Litigation Reform Act of 1995. These statements include assumptions, expectations, predictions, intentions or beliefs about future events. Dynegy cautions that actual future results may vary materially from those expressed or implied in any forward-looking statements. Some of the key factors that could cause actual results to vary from those Dynegy expects include changes in commodity prices for energy or communications products or services; the timing and extent of deregulation of energy markets in the U.S. and Europe; the timing of required approvals for the Dynegy/Enron merger and the success of integration and cost savings measures relating to the merger; the effectiveness of Dynegy's risk management policies and procedures and the creditworthiness of customers and counterparties; the liquidity and competitiveness of wholesale trading markets for energy commodities, including the impact of electronic or online trading in these markets; operational factors affecting Dynegy's power generation or Dynegy's midstream natural gas facilities; uncertainties regarding the development of, and competition within, the market for communications services in the U.S. and Europe; uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting Dynegy's business; general political, economic and financial market conditions; and any extended period of war or conflict involving the United States or Europe. Moreover, Dynegy's expectation that the acquisition will be accretive to earnings in 2002 and beyond is based upon achieving certain sales projections, meeting certain cost targets and successfully integrating the acquired assets. More information about the risks and uncertainties relating to these forward-looking statements are found in Dynegy's SEC filings, which are available free of charge on the SEC's Web site at http://www.sec.gov. -------------------------------------------------------------------------------- Contact: Dynegy Inc., Houston 713/767-5800 Email this story - Most-emailed articles - Most-viewed articles -------------------------------------------------------------------------------- More Quotes and News: Dynegy Inc (NYSE:DYN - news) Related News Categories: oil/energy, utilities
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