Washington State utilities excused in A-plant loans

The tax-exempt bond market recovered somewhat Thursday after a ruling by the Washington State Supreme Court that some 22 utilities in the state had no authority to participate in two nuclear power plants, in which work has been suspended.

The court's ruling virtually excuses the utilities from paying the principal and interest on $2.25 billion borrowed to build the two reactors, which were to be part of the Washington Public Power Supply System.

The trustee for the bondholders, Chemical Bank, said it would sue nearly everyone involved in the case. The bank added fraud and negligence to its original complaint against WPPSS participants, Monitor correspondent Ron Scherer reports.

About these ads
Sponsored Content by LockerDome

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...

Loading...

Save for later

Save
Cancel

Saved ( of items)

This item has been saved to read later from any device.
Access saved items through your user name at the top of the page.

View Saved Items

OK

Failed to save

You reached the limit of 20 saved items.
Please visit following link to manage you saved items.

View Saved Items

OK

Failed to save

You have already saved this item.

View Saved Items

OK