Business Services Industry
Kansas City, Mo.-Based Utility Aquila to Eliminate Dividend.
Knight Ridder/Tribune Business News, November, 2002
By Steve Everly, The Kansas City Star, Mo. Knight Ridder/Tribune Business News
Nov. 14--Aquila Inc., facing a potentially dire financial situation, said Wednesday that it was in violation of covenants on some of its debt and had until April 12 to fix the problem.
The company, which also reported a third-quarter loss of $331 million on Wednesday, said it was eliminating its dividend to conserve cash.
Aquila said that this year's poor operating performance, its recent asset sales and the elimination of its merchant energy trading unit had put it in violation of the debt covenants and that the company didn't expect to be back in conformance until at least Dec. 31, 2003.
Aquila has obtained a waiver for not meeting the covenants...
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