ELECTRIC COMPANY COULD BE FACING BANKRUPTCY - Financial Picture Remains Bleak

(06/25/2003)

Allegheny Energy, mostly known as the electric company, says their financial problems are worsening, and they need approval from federal regulators "to engage in financing and other activities that are critical to its near-term financial viability." The company said its business so far this year has been substantially weaker than it had projected. Allegheny recently announced a $2.4 billion financial restructuring plan. The company owns Mountaineer Gas, the largest natural gas outlet in the state. If current efforts do not help, they will likely seek protection under bankruptcy laws. Allegheny has 5,269 employees, including 2,307 in West Virginia. The company is the 10th largest private employer in the state and has a presence in all 55 of West Virginia counties.

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