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twitterJudge slashes interest on judgment
Friday, Sept. 26, 2003 | 11:25 a.m.
Enron had asked for interest of 12 percent to accumulate while the Nevada utilities appeal a $312 million judgment over contracts cancelled during the Western energy crisis. On Thursday, the judge reduced the interest rate to 1.2 percent, a savings of about $30 million annually, utility executives estimated.
A final ruling on the contract dispute -- which is being heard as part of Enron's bankruptcy proceedings -- is expected today or Monday. The utilities have 10 days following the final ruling to file an appeal and request permission to post a bond for the judgment during the appeal process.
Sierra Pacific Resources, parent company of both Nevada utilities, has said the $312 million judgment could force a bankruptcy filing of its own.
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