UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 21, 2003
Mirant Corporation
(Exact name of registrant as specified in charter)
Delaware 001-16107 58-2056305
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
--------------------------------------------------------------------------
1155 Perimeter Center West, Suite 100, Atlanta, Georgia 30338
(Address of principal executive offices) (Zip Code)
--------------------------------------------------------------------------
Registrant's telephone number, including area code: (678) 579-5000
N/A
---------------------------------------
(Former name or former address, if changed since last report)
Item 5. Other Events and Regulation FD Disclosure.
On July 21, 2003, the Bankruptcy Court entered an emergency order
preventing the sale or trading of certain shares of, and claims of creditors in,
the Mirant Chapter 11 Case. Specifically, creditors holding claims against
Mirant or its debtor subsidiaries (the "Debtors") in excess of $250 million and
shareholders owning (or seeking to acquire) 4.75% of Mirant's stock are
prohibited from selling or trading such shares or claims until the Bankruptcy
Court can consider Mirant's request to establish a notice procedure regarding
trading of shares and claims.
The Bankruptcy Court has scheduled a hearing for 9:00 a.m. on July 23,
2003, to consider a proposed notice procedure requiring holders of claims,
preferred securities, and common stock to provide at least ten (10) days advance
notice of their intent to buy or sell claims against the Debtors, or shares in
Mirant. Mirant also requests that the Bankruptcy Court establish a procedure for
the imposition of sanctions for violations of the notification requirements.
The emergency relief is necessary to prevent potential trades of claims or
stock that could negatively impact the Debtors' net operating loss tax
attributes. These tax loss attributes are currently approximately $1 billion and
could reach $2.5 billion by the end of 2003. These tax attributes may result in
potential future tax savings of as much as $200-400 million. The emergency
relief provides immediate assistance in preserving these tax attributes until
parties in interest can appear and be heard regarding the notice procedure
requested by Mirant.
The court order, the motion filed by the Debtors, and the supporting
notices and papers are available on the internet at the following site:
www.bsillc.com. In addition, copies may be obtained by contacting Craig H.
Averch by phone at (310) 620-7704 or email at caverch@whitecase.com.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: July 22, 2003
Mirant Corporation
By: /s/ Harvey A. Wagner
----------------------
Harvey A. Wagner
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)