Utility Won’t Give Up A-Plant
The president of Public Service Co. of New Hampshire today flatly rejected spinning off the stalled Seabrook nuclear plant into a separate company but said he is willing to discuss other suggestions from bondholders to save the utility.
Robert Harrison conceded that the company’s refusal to let go of Seabrook could block a compromise between a bondholders’ plan and the utility’s own reorganization proposal. Public Service skipped a $37-million bond payment Thursday, becoming the first major investor-owned electric utility to default since the Great Depression.
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