0000912057-01-534679.txt : 20011010
0000912057-01-534679.hdr.sgml : 20011010
ACCESSION NUMBER: 0000912057-01-534679
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20011008
ITEM INFORMATION: Other events
FILED AS OF DATE: 20011009
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: EDISON MISSION ENERGY
CENTRAL INDEX KEY: 0000930835
STANDARD INDUSTRIAL CLASSIFICATION: COGENERATION SERVICES & SMALL POWER PRODUCERS [4991]
IRS NUMBER: 954031807
STATE OF INCORPORATION: CA
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 000-24890
FILM NUMBER: 1753884
BUSINESS ADDRESS:
STREET 1: 18101 VON KARMAN AVE
STREET 2: STE 1700
CITY: IRVINE
STATE: CA
ZIP: 92612
BUSINESS PHONE: 9497525588
MAIL ADDRESS:
STREET 1: 18101 VON KARMAN AVE
STREET 2: STE 1700
CITY: IRVINE
STATE: CA
ZIP: 92612
FORMER COMPANY:
FORMER CONFORMED NAME: MISSION ENERGY CO
DATE OF NAME CHANGE: 19941003
8-K
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a2060677z8-k.txt
8-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) OCTOBER 8, 2001
EDISON MISSION ENERGY
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
CALIFORNIA
(STATE OR OTHER JURISDICTION OF INCORPORATION OR ORGANIZATION)
1-13434 95-4031807
(COMMISSION FILE NUMBER) (I.R.S. EMPLOYER IDENTIFICATION NO.)
18101 VON KARMAN AVENUE
IRVINE, CALIFORNIA 92612
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (949) 752-5588
NOT APPLICABLE
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT.)
Items 1 through 4 and 6 through 9 are not included because they are not
applicable.
Item 5. Other Events.
On October 8, 2001, Edison Mission Energy (EME) issued a press
release announcing the sale of its two United Kingdom-based coal stations,
Fiddler's Ferry and Ferrybridge. The following are the pertinent provisions
of the press release that relate to the sale.
EME announced that the sale will be to two wholly owned subsidiaries of
American Electric Power for an aggregate purchase price of L650 million. The
sale is the result of a competitive bidding process previously announced by
the company. EME further announced that it expects the transaction to close
before the end of the year. The plants were acquired in 1999 for L1.3
billion.
As a result of the transaction and related currency adjustments, EME
announced that it expects to take a one-time, after-tax write-off of
approximately $1.18 billion. "This investment has been a major
disappointment for EME," said Al Fohrer, EME's president and chief executive
officer. "While the plants have run well, given the market conditions, the
operating losses and cash requirements likely to result in the foreseeable
future from the existing debt structure were too large to maintain our
ownership position. It is time to sell the plants, reduce our debt and
eliminate the drag on our financial performance."
Fohrer further noted that, "Although sale of these U.K. plants will
result in a significant one-time loss, their disposition actually will result
in an improvement in our credit quality and earnings potential. Our other
1999 acquisitions -- in Pennsylvania, Illinois and New Zealand -- are all
performing well."
The company also announced that it had entered into contracts for the
sale of seven interests in plants in the United States pursuant to its
previously announced policy to dispose of certain non-core U.S. assets.
Fohrer indicated that, "These sales are above book value and, upon final
closing, will generate net proceeds to the company of approximately $460
million." Two of these sales have already reached financial close and the
others are scheduled to do so before year's end.
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This report includes "forward-looking statements" within the meaning of
Section 27A of the Securities Act and Section 21E of the Exchange Act,
reflecting management's current analysis and expectations, based on
reasonable assumptions. Although we believe that our plans, intentions and
expectations reflected in or suggested by such forward-looking statements are
reasonable, actual results
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could differ materially. These forward-looking statements are subject to
various risks and uncertainties that may be outside our control, including,
among other things:
. the direct and indirect effects of the current California power crisis
on us and our investments, as well as the measures adopted and being
contemplated by federal and state authorities to address the crisis;
. general political, economic and business conditions in the countries
in which we do business;
. governmental, statutory, regulatory or administrative changes or
initiatives affecting us or the electricity industry generally;
. political and business risks of international projects, including
uncertainties associated with currency exchange rates, currency
repatriation, expropriation, political instability, privatization
efforts and other issues;
. supply, demand and price for electric capacity and energy in the
markets served by our generating units;
. competition from other power plants, including new plants and
technologies that may be developed in the future;
. operating risks, including equipment failure, dispatch levels,
availability, heat rate and output;
. the cost, availability and pricing of fuel and fuel transportation
services for our generating units;
. our ability to complete the development or acquisition of current and
future projects or the sale of the Fiddler's Ferry and Ferrybridge
plants;
. our ability to maintain an investment grade rating; and
. our ability to refinance debt or raise additional financing
for our future cash requirements.
We use words like "anticipate," "estimate," "project," "plan," "expect,"
"will," "believe" and similar expressions to help identify forward-looking
statements in this report. This paragraph is included to provide safe harbor for
forward-looking statements, which are not required to be publicly revised as
circumstances change.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
EDISON MISSION ENERGY
(Registrant)
By: /s/ Raymond W. Vickers
-------------------------
Name: Raymond W. Vickers
Title: Senior Vice President and
General Counsel
Date: October 9, 2001
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