Seabrook gets reprieve of $90 million in loans
The investment firm handling the bailout plan for the troubled Seabrook nuclear power plant announced Tuesday it has sold $90 million in short-term loans. The loans to the Public Service Company of New Hampshire will allow the utility to pay off creditors and resume some construction on Seabrook.
Public Service Company of New Hampshire, which heads the construction project , had also won an agreement from banks to extend the deadline on some $50 million in loan payments, Robert Hildreth Jr., the managing director of Merrill Lynch Capital Markets said. A number of the banks also agreed to lend the utility another $35 million.