Public Service Co. Plan OKd: Public Service...

Public Service Co. Plan OKd: Public Service Co. of New Hampshire said it has agreed with creditors and shareholders on major points of a bankruptcy reorganization plan. But Gov. Judd Gregg said the state had a better deal, stating that an offer by Massachusetts-based New England Electric System was “a dramatic improvement” over proposals by Public Service and Connecticut-based Northeast Utilities. Public Service, the state’s largest electric utility, filed for bankruptcy protection in January, 1988, under the burden of its 36% share of the $6.2-billion Seabrook plant, which was completed in 1986 but has been unable to get an operating license. Details of all the reorganization plans must be submitted to the presiding bankruptcy judge, James Yacos, by Friday. Yacos plans hearings on the proposals into mid-November, and then shareholders and creditors will vote on the plans.