WESTERN RESOURCES REACTS TO KCC’s MOVE TO PROBE RESTRUCTURING
Western Resources has responded to the Kansas Corp. Commission’s (KCC) recent announcement that it has established a docket to investigate the company’s proposed corporate restructuring and other aspects of its unregulated businesses. “While we will continue to cooperate with the commission, Westar Industries does not expect the opening of this docket to affect its plans for its proposed rights offering, which we believe is in the best interests of the company and its customers,” says spokesperson Kim Gronniger. She adds that the rights offering is expected to raise approximately $100 million, which will be used to pay down third-party utility debt.
Following the rights offering, the company will own in excess of 80 percent of Westar, which will continue to be consolidated in Western Resources’ financial statements until being split-off to shareholders in connection with the proposed merger with Public Service Company of New Mexico. The company has also recently invested more than $230 million for new power plants to meet the growing needs of its customers. Western Resources is a consumer services company with interests in monitored services and energy. It has total assets of approximately $8 billion, including security company holdings through ownership of Protection One and Protection One Europe.
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