Key Developments: Edison International (EIX.N)
9 Dec 2013
Latest Key Developments (Source: Significant Developments)
Reuters reported that Edison Mission Energy, the unregulated power generation business of Edison International, filed for Chapter 11 bankruptcy protection on Monday with a proposal to transfer control of the company to holders of $3.7 billion in unsecured bonds. In court papers filed in U.S. Bankruptcy Court in Chicago, Edison Mission said a perfect storm of heavy debts, weak power prices and high fuel costs have threatened its ability to stay competitive. Edison Mission owns and operates coal, natural gas and renewable power plants totaling more than 10,000 megawatts in states including California, Illinois, Pennsylvania and West Virginia. Like many coal plant operators, it has suffered as the 2007-2009 recession cut power demand and wholesale power prices fell because of the supply of cheaper natural gas. Under a proposal outlined in the bankruptcy filing, Edison International would transfer its 100% equity stake in Edison Mission to bondholders, which include York Capital Management and other distressed debt investors. The company is projecting the transfer to occur in late 2014, which could allow Edison Mission to continue benefiting from projected tax-sharing payments from its parent through the end of that year. Full Article
Edison International announced that it declared a quarterly common stock dividend of $0.325 per share, payable on October 31, 2012, to shareholders of record on September 28, 2012. Full Article
Edison International's Southern California Edison Announces Intent to Downsize Staffing at San Onofre Nuclear Generating Station
Edison International's Southern California Edison announced that as a result of exhaustive benchmarking and analysis of industry best practices, SCE has concluded that SONGS' staffing and costs are significantly higher than other similar dual unit, non-fleet nuclear power plants. Indicators also show there are opportunities to reduce operating and maintenance costs by improving plant processes while fully maintaining all safety commitments. As a result, SCE announced its intent to downsize the SONGS' organization to 1,500 – a reduction of approximately 730 employees – beginning fourth quarter of 2012. Full Article
Edison International announced that it will not provide fiscal 2012 earnings guidance until SCE receives a final decision on fiscal 2012 CPUC General Rate Case. Full Article
Edison International announced that its Board of Directors declared a quarterly common stock dividend of $0.325 per share, payable July 31, 2012, to shareholders of record on June 29, 2012. Full Article
Edison International announced that the Board of Directors has declared a quarterly common stock dividend of $0.325 per share, payable April 30, 2012, to shareholders of record on March 30, 2012. Additionally, the Board of Directors of Southern California Edison Company declared the following dividends: Quarterly dividends of $0.27 per share on the 4.32% series of cumulative preferred stock, and $1.53125 per share on the Series B preference stock. Each of these dividends is payable on March 31, 2012, to shareholders of record on March 5, 2012. Quarterly dividends of $1.13 per share on the Series A preference stock, and $1.50 per share on the Series C preference stock. Each of these dividends is payable on April 30, 2012, to shareholders of record on April 5, 2012. Quarterly dividends of $0.255 per share on the 4.08% series of cumulative preferred stock, $0.265 per share on the 4.24% series of cumulative preferred stock and $0.29875 per share on the 4.78% series of cumulative preferred stock. Each of these dividends is payable on May 31, 2012, to shareholders of record on May 4, 2012. A quarterly dividend of $1.625 per share on the Series D preference stock, payable June 1, 2012 to shareholders of record on May 4, 2012. Full Article
Repsol YPF SA, Sonatrach, RWE AG and Edison International Consortium Obtain Authorization For Sahara Gas Project-Reuters.
Reuters reported that Repsol YPF SA, Sonatrach, RWE AG and Edison International have obtained authorization from the Algerian National Agency for the implementation of a plan to develop six gas fields in the Reggane North Project in the Algerian Sahara. The investments will be of approximately EUR 2.225 billion, production could begin in mid-2016 and is expected to achieve a stable rate of 8 million cubic meters of gas per day during the first twelve years of production. Full Article
LOS ANGELES, Oct 23 - Shareholder activists come in different flavors. One is the deep-pocketed investor, such as Carl Icahn or Dan Loeb, who takes big stakes in companies and forces management to change strategy. Another type is the persistent provocateur who buys a handful of shares and agitates on a shoestring. That's John Chevedden.