NewPower Holdings Files for Bankruptcy
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Bloomberg News
NewPower Holdings Inc., spun off from Enron Corp. to compete with traditional natural-gas and electric utilities, filed for bankruptcy protection to help sell its assets to deal with a cash crunch.
The Purchase, N.Y.-based company listed $231.8 million in assets and $78.9 million in debtin its Chapter 11 petition in U.S. Bankruptcy Court in Atlanta. The company, formed by Enron officials in 1999, has about 600,000 natural-gas and power customers in 10 states.
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