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 24, 2003
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Mirant Corporation
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(Exact name of registrant as specified in charter)
Delaware 001-16107 58-2056305
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(State or other jurisdiction of (Commission File Number) (IRS Employer
incorporation) Identification No.)
1155 Perimeter Center West, Suite 100, Atlanta, Georgia 30338
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (678) 579-5000
N/A
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(Former name or former address, if changed since last report)
Item 5. Other Events and Regulation FD Disclosure.
On July 24, 2003, the Bankruptcy Court approved an interim procedure
requiring certain 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 Mirant Corporation and/or its debtor subsidiaries, including
Mirant Americas Generation, LLC and Mirant Mid-Atlantic, LLC (collectively, the
"Debtors"), or shares in Mirant Corporation. The notice procedure is limited to
only those transactions with a person or entity owning (or, because of the
transaction, resulting in ownership of) an aggregate amount of claims equal to
or in excess of $250 million and, with respect to shares, only those persons or
entities owning (or, because of the transaction, resulting in ownership of)
4.75% or more of any class of outstanding shares. In addition, each entity or
person that owns at least $250 million of claims or certain preferred securities
must, within fifteen (15) days of the entry of the order, provide the Debtors
with notice of ownership information. The Court's order also provides for
expedited procedures to impose sanctions for a violation of its order, including
monetary damages and the avoidance of any such transactions that violate the
order. A hearing to consider a final order regarding the notice procedure has
been set for 9:00 a.m. on August 8, 2003.
The emergency relief was sought 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.
Caution regarding forward-looking statements:
Some of the statements provided herein include forward-looking information, in
addition to historical information. Mirant cautions that there can be no
assurance that such indicative results will be realized and that there are
various important factors that could cause actual results to differ materially
from those indicated in the forward-looking statements. Factors that could
affect the amount of any potential future tax savings and/or the potential
amount of the Company's net operating loss tax attributes would include, but not
be limited to, the Company's inability to preserve the net operating loss tax
attributes or the Company's inability to use such attributes due to restrictions
in the US Tax Code or otherwise. Mirant expressly disclaims any duty to update
the forward-looking statements presented herein.
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 25, 2003
Mirant Corporation
By: /s/ Dan Streek
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Dan Streek
Vice President and Controller
(Principal Accounting Officer)