Southern Co.'s annual report garners award

Southern Co.'s 2001 annual report recently won the "best of online annual reports" award in the 2002 International Annual Report Competition (ARC) Awards. The International ARC Awards, celebrating its sixteenth year, garners nearly 1,600 entries from approximately 850 companies from around the world. It looks for creativity, clarity, effectiveness and excellence.

Williams closes asset sales

Williams recently announced a series of transactions that "resolve liquidity issues and greatly strengthen the company's finances," according to Williams. The transactions delivered net cash proceeds of $1.4 billion from asset sales and $2 billion in secured financing. These transactions included: a $1.1 billion credit agreement for an amended $700 million secured revolving credit facility and a new $400 million letter of credit facility, a $900 million senior secured credit agreement with a group of investors led by Lehman Brothers and Berkshire Hathaway, as well as a series of sales.

Merrill catches eye of investors

Merrill Lynch began an ad campaign in August to reassure investors that it remains a strong way to "manage the bear." The campaign kicked off with an eight-page spread in The Wall Street Journal. According to a Reuters report, Merrill Lynch is "seeking to brush up a corporate image damaged by controversies, including a settlement with the New York State Attorney General over e-mails in which its analysts trashed stocks they had publicly touted."

FirstEnergy sales agreements canceled

FirstEnergy Corp. notified NRG Energy and its NRG Able Acquisition LLC affiliate that the agreements to sell four power plants to the Minneapolis, Minn.-based company have been canceled "because of the affiliate's anticipatory breach of certain obligations in the agreement," according to FirstEnergy. FirstEnergy also notified NRG that it is reserving the right to pursue legal action against NRG, its affiliate and its parent company, Xcel Energy. The agreements were first announced last November, under which NRG would purchase four power plants located along Lake Erie for $1.5 billion.

Avista settles litigation

Avista Corp. reached an agreement in principle to settle a lawsuit filed in April 2000 against company subsidiary Pentzer by Creative Solutions Group Inc. of Boston. The agreement calls for a settlement payment in the amount of $9.25 million. Creative Solutions Group, a former Pentzer subsidiary, was divested in March 1999. The settlement caused Avista to adjust previously reported consolidated earnings for the second quarter of 2002. Net income available for common stock was reduced from $12.1 million to $9.7 million, and earnings per diluted share fell by five cents.