A major creditor of Public Service Co....
A major creditor of Public Service Co. of New Hampshire called in a $425-million bond issue that is in default, pushing PSNH closer to bankruptcy court. The New York Stock Exchange suspended trading in PSNH stock and bonds for several hours after Midlantic National Bank of Edison, N.J., the sole trustee for the 17.5% debentures due in 2004, demanded payment of the principal and accruing interest. PSNH, the ailing principal owner of the stalled Seabrook nuclear power plant, skipped a $37-million interest payment on the notes on Oct. 15, becoming the first major investor-owned utility to default since the Great Depression.
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