Mirant Wraps Up Sale of Plant in China
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Mirant Corp., an electricity producer and trader trying to raise cash to reduce debt, completed the sale of its stake in a Chinese power plant for $300 million to a unit of the Chinese Foreign Ministry.
Mirant’s share of the Shajiao C plant near Hong Kong, the largest coal-burning plant in Guangdong province, was sold to China Resources Power Holding Co., the company said. The proceeds were used to pay off a $254-million loan that had blocked Mirant from drawing cash from its Asia-Pacific operations.
Mirant rose 10 cents, or 5.7%, to $1.87 on the NYSE.
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