Mirant

[mick]

hi scovillez, i have this update toady for mirkq. i see 300 mil. share dilution. does the old share still have their old shares?

Mirant Completes Reorganization and Emerges From Chapter 11
Company Prepares to Relist on the New York Stock Exchange
ATLANTA, Jan. 3 /PRNewswire-FirstCall/ -- Mirant Corporation (OTC Pink Sheets: MIRKQ) announced today that it has successfully emerged from Chapter 11 bankruptcy protection. The company has completed the steps necessary to cause its Plan of Reorganization to become effective, including securing $2.35 billion in exit financing.

'This is a major milestone for Mirant,' said Edward R. Muller, the company's chairman and chief executive officer. 'After 30 months in the bankruptcy process, we have successfully restructured Mirant to provide it with the financial flexibility necessary to be a leader in the industry. The talented employees of Mirant will create tremendous value for our shareholders through discipline, creativity and operational excellence.'

Under its Plan of Reorganization, Mirant is converting more than $6 billion of debt and liabilities into equity in the reorganized company and will nearly halve its overall debt.

In accordance with the Plan of Reorganization, Mirant will issue 300 million shares of common stock to its creditors and existing equity holders. Additional shares will be reserved for issuance pursuant to the company's employee stock programs, and for issuance in connection with the Series A and Series B Warrants being distributed under the Plan of Reorganization. Mirant has begun its initial distributions of common stock and cash provided for in its Plan of Reorganization, and expects to complete these initial distributions by the middle of January 2006.

The Company has applied for re-listing with the New York Stock Exchange and expects to begin trading on January 11, 2006, under the ticker symbol MIR.

Mirant's U.S. and Canadian units filed for bankruptcy protection on July 14, 2003, and various dates thereafter. The Company's other international operations did not file for bankruptcy.

Subsidiaries of Mirant owning generating facilities and other assets in New York state will remain in Chapter 11 proceedings pending the resolution of certain matters with local authorities - including property tax settlements and the capital expenditures required for those facilities to continue to operate in future years.

With the company's emergence from bankruptcy, Mirant has a new nine-member board of directors. The directors, in addition to Edward R. Muller, are Thomas W. Cason, A.D. Correll, Terry G. Dallas, Thomas H. Johnson, John T. Miller, Robert C. Murray, John M. Quain and William L. Thacker.

Mirant is a competitive energy company that produces and sells electricity in the United States, the Caribbean, and the Philippines. Mirant owns or leases more than 18,000 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.

Some of the statements included herein involve forward-looking information. We caution you that these statements involve known and unknown risks and that there can be no assurance that such results will occur. There are various important factors that could cause actual results to differ materially from those indicated in the forward-looking statements, such as, but not limited to, (i) our ability to satisfy the conditions to listing on the New York Stock Exchange, (ii) instructions, orders and decisions of the Bankruptcy Court and other effects of legal and administrative proceedings, settlements, investigations and claims that may impact our ability to make distributions to our stakeholders as planned, (iii) changes in market conditions, including developments in energy and commodity supply, demand, volume and pricing or the extent and timing of the entry of additional competition in the markets of us or our subsidiaries and affiliates, and (iv) other factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2004 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2005 filed with the Securities and Exchange Commission.


Stockholder inquiries:

678 579 7777

SOURCE Mirant Corporation



Source: PR Newswire (January 3, 2006 - 3:41 PM EST)

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