Energy Industry
Industry: Email Alert RSS FeedCornerStone sells wholesale assets to solidify finances. (Watsonville, California).(Cornerstone Propane Partners L.P.)(Coast Energy Group )(Enterprise Products Partners L.P.)(Brief Article)
LP/Gas, December, 2002
CornerStone Propane Partners, LP, has sold its Coast Energy Group wholesale propane business--including four remaining terminals and propane inventory--to Enterprise Products Partners, LP, for about $12 million in cash.
Enterprise also will supply CornerStone with all of its propane under a separate supply agreement.
CornerStone said it made the deals to reduce costs, capital expenditures and working capital needs. Chief Executive Officer Curtis G. Solsvig III said he believes the company now has adequate liquidity to operate through the peak winter heating season.
"When we started restructuring this summer, we hoped to be able to get through the season with our own resources. Selling CEG to Enterprise and partnering with Enterprise on...
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