ALLEGHENY ENERGY SEEKING $2 BILLION LOAN - Would Hold Off Bankruptcy

(07/19/2003)

Allegheny Energy, the state's largest supplier of power, is asking federal regulators for permission to borrow over two billion dollars to hold off bankruptcy. The company, whose main offices are in Hagerstown, Maryland says either it or its Allegheny Energy Supply subsidiary may have to declare bankruptcy without the loans. A request is also being made of the Securities and Exchange Commission for clearance in issuing up to 325 million dollars worth of convertible trust preferred securities. Allegheny Energy has about one-point-six million electricity customers and 230 thousand natural gas customers in West Virginia, Maryland, Ohio, Pennsylvania and Virginia.

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