Columbia Gas Bankruptcy Moves Forward

The Federal Energy Regulatory Commission (FERC) has approved an uncontested settlement for bankrupt Columbia Gas Transmission Corp. (CGT), resolving over 100 FERC proceedings and over 40 court appeals (Docket Nos. GP94-2-003 et al.). The settlement addresses CGT's recovery of costs associated with its former merchant function. It also settles customer claims in CGT's bankruptcy proceeding, subject to bankruptcy court approval. Meanwhile, on June 14, CGT and its parent, Columbia Gas System (CGS), filed amended reorganization plans and disclosure statements with the federal bankruptcy court in Delaware. If the plans are approved, CGS will distribute a total of

$3.6 billion to creditors. CGT will pay $1.7 billion to outside creditors and $2.2 billion to CGS.

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