CONTRACT PROBLEMS SQUEEZING COLUMBIA GAS

Financial woes stemming from take or pay contracts may force Columbia Gas Transmission Corp. (CGT) and/or parent Columbia Gas System Inc. (CGS) to declare bankruptcy. Present value of losses flowing from CGT's above market price gas purchase contracts could exceed $1 billion, a potential exposure much larger than the company had previously expected. CGS expects to charge a large portion of the losses to second quarter income.

In order to access this content, you must be logged-in and have an active subscription to the OGJ Premium Archive

Subscribe

More in Reserves