KFDA - NewsChannel 10 / Amarillo, TX: newschannel10.comDynegy posts 3Q loss on sale of plants
Member Center:
Associated Press - November 5, 2009 7:35 AM ET
HOUSTON (AP) - Power company Dynegy is posting a second straight big loss as it continues to write down the value of plants that it is selling as part of a deal to bolster finances.
Dynegy said Thursday that it recorded a loss of $212 million, or 25 cents per share. A year ago in the third quarter, Dynegy made $605 million, or 72 cents per share, driven by a $542 million gain that reflected an updated estimate of what investments are worth based on current market values.
The Houston company said in August that it plans to sell about a quarter of its generation - eight plants plus another under development - to former development partner LS Power Associates for about $1 billion in cash and $500 million in stock.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Click here to find daily tax tips, forms, rules, and FAQ's. Brought to you by Jackson-Hewitt.
