Court Approves Mirant New York Tax Settlement
December 15 2006 - 7:57AM
PR Newswire (US)
ATLANTA, Dec. 15 /PRNewswire-FirstCall/ -- Mirant (NYSE:MIR) today
announced that the United States Bankruptcy Court for the Northern
District of Texas has approved a settlement among certain of its
New York subsidiaries still in bankruptcy and various local
jurisdictions of disputed property taxes for Mirant's Bowline and
Lovett electric generating facilities. The settlement resolves
pending disputes regarding refunds sought by Mirant for property
taxes paid for 1995 through 2003 and unpaid taxes assessed for 2003
through 2006. Property taxes paid for 1995 through 2003 and unpaid
taxes assessed for 2003 through 2006 were previously expensed by
Mirant for financial reporting purposes. Under the settlement,
Mirant will receive refunds totaling approximately $163 million for
1995 through 2003, and will pay unpaid taxes of approximately $115
million for 2003 through 2006, resulting in Mirant receiving a net
cash amount of $48 million. As a result of the refunds and the
reduction in unpaid taxes under the settlement, Mirant will
recognize in the fourth quarter of 2006 a gain of approximately
$244 million. Mirant is a competitive energy company that produces
and sells electricity in the United States, the Caribbean, and the
Philippines. Mirant owns or leases approximately 17,400 megawatts
of electric generating capacity globally. The company operates an
asset management and energy marketing organization from its
headquarters in Atlanta. For more information, please visit
http://www.mirant.com/. Stockholder inquiries: 678 579 7777
DATASOURCE: Mirant CONTACT: Media, Felicia Browder,
+1-678-579-3111, or , or Investor, Mary Ann Arico, +1-678-579-7553,
or , or Sarah Stashak, +1-678-579-6940, or , or Stockholder
inquiries, +1-678-579-7777, all of Mirant Web site:
http://www.mirant.com/
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