San Bernardino, whose government is under criminal investigation, will become the latest California municipality to seek court protection from creditors after the City Council voted for an emergency bankruptcy.
NRG Energy Inc., the largest independent U.S. electricity producer, agreed to buy most of the assets of Edison International’s bankrupt Edison Mission Energy for $2.64 billion to expand its coal and wind holdings.
Bankrupt San Bernardino, California, improperly transferred $108.4 million in property, cash and invested funds from its redevelopment agency as the agency faced extinction, state Controller John Chiang said.
Fortis Inc.’s purchase of Arizona- based UNS Energy Corp. for $2.5 billion in cash extends a push by Canada’s largest investor-owned natural gas and electric utility into markets with more growth prospects.
The U.S. is the closest it has been in almost 20 years to achieving energy self-sufficiency, a goal the nation has been pursuing since the 1973 Arab oil embargo triggered a recession and led to lines at gasoline stations.
US Airways Group Inc. Chief Executive Officer Doug Parker said he expects American Airlines parent AMR Corp. to set up a fair, transparent process to evaluate merger options against its own bankruptcy plan.