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Creditors could get small cash return under utility's plan
United Utilities Water Company faces Chapter 11 and proposes a Plan of Arrangement offering five cents on the dollar to line extension unsecured claimants and 15 cents to other unsecured creditors. The plan depends on a $250,000 loan from Triple T Inns, with 80 percent of stock to Triple T, while Gila County tax debts are fully paid and lawyers, accountants, and trustees receive full fees. Darrel Carpenter expresses cautious optimism that the court will approve.
MENTIONED IN THIS ARTICLE
United Utilities Water Company
Federal Bankruptcy Court
United Utilities
Arthur Anderson and Company
Phoenix Claims United Utilites
Eastern Illinois Water Company
Gila County
United Utiliies
Barry C. Phelps