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SEC Seeks Information on Dividend Cut from Dallas-Based TXU Corp.
Knight Ridder/Tribune Business News, November, 2002
By Dianne Solis, The Dallas Morning News Knight Ridder/Tribune Business News
Nov. 19--TXU Corp., the beleaguered Dallas-based energy company, said Monday that the Securities and Exchange Commission has asked it for more information regarding its cut of its dividend by 80 percent last month.
TXU slashed the payout, less than a week after CEO Erle Nye promised that it would be preserved at its $2.40 per share annual value. The move came as its problems in Europe mounted, and TXU said it would have to take a $4.24 billion charge for exiting Europe.
TXU also said its TXU Energy unit has signed an agreement to issue $750 million in notes to "increase liquidity," repay debt and for general operating purposes. TXU said the conversion of the...
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