Mirant's History

Frank Lancaster, Senior Fuel and Ash Technician

2007

August 9: Mirant closes sale of Caribbean business.
June 22: Mirant closes sale of Philippine business.
May 1: Sale of six U.S. natural gas fired plants in Florida, Georgia, Indiana, Michigan, Nevada and Texas is completed.
April 18: Mirant announces definitive purchase and sale agreement with a subsidiary of Marubeni Corporation for the sale of Mirant’s Caribbean business.
January 16: Mirant retools its U.S. asset portfolio, announcing plans to sell six U.S. natural gas fired plants to LS Power Equity Partners.

2006

December 11: Mirant enters into a definitive purchase and sale agreement with a consortium of The Tokyo Electric Power Company, Incorporated and Marubeni Corporation for the sale of its Philippine business. The transaction is expected to close in the second quarter of 2007.
July 11: CEO Ed Muller introduces a strategic plan to enhance shareholder value. Components of the plan include launch of a tender offer for up to 43 million shares of Mirant common stock, and divestiture of Mirant’s Philippines and Caribbean businesses.
April 23: Jose P. Leviste, Jr., joins Mirant as chairman, president and chief executive officer of Mirant Philippines.
January 11: Mirant common stock is re-listed on the New York Stock Exchange under the ticker symbol MIR.
January 3: Mirant emerges from Chapter 11 protection; Robert M. Edgell joins Mirant as Executive Vice President and United States Region Head.

2005

December 2: William P. von Blasingame joins the company as senior vice president and general manager of Mirant’s Caribbean operations.
November 7: James V. Iaco, Jr., appointed Executive Vice President and becomes Chief Financial Officer on November 10; S. Linn Williams appointed Executive Vice President and General Counsel.
September 30: Edward R. Muller joins Mirant as Chairman of the Board and Chief Executive Officer.
September 7: Mirant reaches an agreement with its bankruptcy committees and other creditors on terms of a plan of reorganization.
January 19: Mirant files a plan of reorganization with the Bankruptcy Court.

2004

2003

With certain debts slated to mature, the company unsuccessfully attempts to renegotiate its debt with creditors in early 2003.
July 14: Mirant files for Chapter 11 protection.
The company takes numerous steps to strengthen itself, including improving operations efficiency, reducing costs, and hiring new executive management.

2002

Many competitive energy companies in the sector suffer. Mirant's stock price continues to decline.
New power plants built by various competitive energy companies result in a U.S. power glut.
The company shores up its cash position through asset sales, workforce reductions, and other cost-saving measures.

2001

Credit rating agencies are very cautious with the sector's companies, including Mirant. The company suffers a credit downgrade in December 2001 that requires substantial collateral postings.
The collapse of Enron in late 2001 sends the competitive wholesale power sector into a tailspin.
The company's stock price peaks.
April 2: Southern Company distributes remaining ownership of Mirant to Southern Company stockholders.
January 19: Southern Energy becomes Mirant (NYSE:MIR).

2000

September 12: Southern Energy completes purchase of Vastar Resources' 40% interest in its energy risk management and marketing operation.
April 17: Southern Company announces plans for an initial public offering of up to 19.9% of Southern Energy (with full spin-off to shareholders within 12 months of close).

1990s

Southern Energy builds a balanced global energy business by establishing positions in select regional energy markets; the company makes investments in North America, the Caribbean, Asia, and Europe.
Southern Company makes a strategic decision to pursue investment opportunities outside its regulated Southeastern electric utilities in order to grow and diversify earnings.

1982

Mirant begins operations as Southern Energy, a subsidiary of Southern Company, offering a broad range of utility-related consulting services to industrial countries and utilities worldwide.