News in brief
Posted: August 6, 2014 at 2:42 a.m.
Union Power Station owner in bankruptcy
Entegra Power Group, owner of the largest electricity generating plant in Arkansas, has filed for bankruptcy protection in U.S. Bankruptcy Court in Delaware.
Entegra, based in Tampa, Fla., owns the 2,200 megawatt Union Power Station in El Dorado, considered to be among the most powerful natural gas facilities of its type in North America. The plant has been little used since it began operating in 2003.
Entegra listed assets of more than $500 million in the Chapter 11 papers and debts of more than $1.3 billion.
Under the bankruptcy filing entered on Monday, Entegra reached a deal with its creditors to swap more than $1 billion of debt for equity, the company said in court filings.
In contemplating reorganization, the company "attempted to obtain new senior secured financing from outside lenders but determined that such financing could not be obtained on commercially reasonable terms" prior to a bankruptcy, Michael Schuyler, Entegra's chief executive officer, said in a filing.
-- David Smith
In poll, Arkansans see stable finances
Most Arkansans expect their personal financial situations to improve or remain the same over the next 12 months, but they are less optimistic about future business conditions, according to the Arvest Consumer Sentiment Survey.
The report Tuesday was based on data used in the formulation of the regional consumer sentiment index released in July.
In Arkansas, 52 percent of consumers expect their financial situation to be the same over the next year and 28 percent expect it to improve. Expectations were similar in the three-state region of Arkansas, Oklahoma and Missouri.
Arkansans were less optimistic than their neighbors about future business conditions. Only 22 percent of Arkansans expect business conditions to be favorable in the next year, compared with 30 percent of Missourians and 32 percent of Oklahomans.
The survey is conducted by the College of Business at the University of Arkansas.
-- David Smith
Arkansas Index dips
2.70 to close 345.23
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, dropped 2.70 to 345.23 Tuesday.
"Equities finished lower as investors weighed geopolitical tensions and economic data," said Bob Williams, senior vice president and managing director of Delta Trust Investments Inc. in Little Rock.
The best-performing issue was Home BancShares, gaining just over 1 percent, Williams said.
Acxiom closed at $17.97, down nearly 3.4 percent.
Dillard's established a 52-week high before closing down $1.41 at $120.93, he said.
Total volume of the index was 33.4 million shares.
The index was developed by Bloomberg News and the Arkansas Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 08/06/2014