ML20128E890

Discusses Eua Power Corp Bankruptcy Proceeding

ML20128E890
Person / Time
Site:	Seabrook
Issue date:	02/03/1993
From:	Stolz J Office of Nuclear Reactor Regulation
To:	Feigenbaum T NORTH ATLANTIC ENERGY SERVICE CORP. (NAESCO)
References
TAC-M84952, NUDOCS 9302110136
Download: ML20128E890 (3)

Text

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1. 'o UNITED 8TATES g-k)(c[

.- 8 o NUCLEAR REGULATORY COMMISSION t y, WASHINGTON, D. C. 20666

%Q k**.../) February 3, 1993 I Docket No. 50-443 SEA-93-002 .

t Mr. Ted C. Feigenbaum Senior Vice President and Chief Nuclear Officer North Atlantic Energy Service Corporation Post Office Box 300 Seabrook, New Hampshire 03874

SUBJECT:

SEABROOK STATION, UNIT 1 - EUA POWER CORPORATION BANKRUPTCY PROCEEDING (TAC NO. M84952)

On November 19, 1992, the Nuclear Regulatory Commission (the Commission) was i notified by the firm of Ropes & Gray, acting on behalf of North Atlantic '

Energy Service Cor) oration (NAESCO) and the other licensees of the Seabrook Station, and on beialf of the Official Bondholders' Committee of EUA Power l Corporation _ (the Committee) of a contemplated redemption of all of the preferred and common stock of EUA Power Corporation (EUAP). The Conaission~ t was requested to approve the stock redemption as an tndirect transfer of' control of an interest of a licensee under 10 CFR 50.80.- On December 29, 1992, the Commission identified additional information required to allow the ,

review to proceed. ,

Subsequent to a meeting of licensee representatives with the Commission staff.

on January 6,1993 Ropes & Gray withdrew the request for approval'of indirect-transfer (letter dated January 12,1993), and instead requested-the Commission _

to disclaim _ jurisdiction with respect.to the redemption.on the basis that the .

November 19, 1992, request was premature and that consideration of < indirect '

transfer of control should be deferred until the specifics of the transfer and -

qualifications of the transferee (s) are -available.

EUAP filed a voluntary petition for reorganization under Chapter 11 of the -

U.S. Bankruptcy Code on-February 28, 1991. To. expedite EUAP's. reorganization _

and eventual emergence from bankruptcy, the Committee proposed the stock-redemption as an interim step. The stock redemption would-free the EUAP-reorganization from the jurisdiction of the Securities and Exchange Commission

-thereby avoiding a potential lengthy hearing.

With_ the filing of the petition for reorganization EUAP-came under-the -

' jurisdiction of the U.S. Bankruptcy Court .and EUAP continues to operate under-Bankruptcy Court jurisdiction. The Bankruptcy Court will have jurisdiction over EUAP's affairs until a final reorganization plan is approved _by that Court and becomes. effective.- The proposed redemption of EUAP stock will not

'in.any way affect this jurisdiction. Therefore, because of'the continuing-control by.the Bankruptcy Court and because not all of the details of the.

final plan are known at this time, the review of those issues that fall within:

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- pDRoution36 93o2o3 050044 wp n- em 03.3e L -- _ m _aw mr t ADOCK 05000443:

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PDR , __i-

I Hr. Ted C. Feigenbaum the scope of 10 CfR 50.80 will be deferred until a final reorganization plan is submitted to the Bankruptcy Court. At that time, ilAESCO and the other Seabrook licensees are to provide the information required by 10 CFR 50.80, and the Commission will then review the details of ownert, hip, financial qualifications, and other aspects related to the transfer of ownership.

Sincerely, Original signed by John F. Stolz, Director Project Directorate 1-4 Division of Reactor Projects - 1/11 Office of flutlear Reactor Reguistion cc: See next page Distribution:

Docket File ,

NRC & Local PDRs PD 1-4 Plant SVarga JCalvo SNorris ADeAgazio OGC JHull RWood ACRS (10)

JfRogge, RI RSW*

• See previous concurrence M/M/ - 1/23/93 orritE LA:PDI-4 Pli:PDlI4 D:PDlh4b ILPB* AD:DRPE

" C KAME StOr'r'i ADeAgazio:cn JStolz MSlosson JCalvo[N DATE ,1//A /93 A /d /93 0 / 9/93 1/27/93 Z/2 /93 orricE OGC*

WE Hull /Reis DATE 1/29/93 / / / / / / / / ~

OfflCIAL RECORD COPY Document Name: G:\DEAGAZlo\84952LET

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'- Mr. Ted C. Feigenbaum Seabrook Station CC:

Thomas Dignan, Esq. Mr. George L. lverson, Director John A. Ritsher, Esq. New Hampshire Office of Emergency Ropes and Gray Management One International Place State Office Park South Boston, Massachusetts 02110-2624 107 Pleasant Street Concord, New Hampshire 03301 Mr. Peter Brann Assistant Attorney General Regional Administrator, Region I State Houre, Station #6 U.S. Nuclear Regulatory Commmission Augusta, Maine 04333 475 Allendale Road King of Prussia, Pennsylvania 19406 Resident inspector U.S. Nuclear Regulatory Commission Office of the Attorney General Seabrook Nuclear Power Station One Ashburton Place Post Office Box 1149 20th Floor Seabrook, New Hampshire 03874 Boston, Massachusetts 02108 North Atlantic Energy Service Board of Selectmen Corporation Town of Amesbury Seabrook Station Town Hall Route 1 Lafayette Road Amesbury, Massachusetts 01913 Post Office Box 300 Seabrook, New Hainpshire 03874 Mr. Jack Dolan ATTH: Ted C. Feigenbaum Federal Emergency Management Agency Region 1 Mr. T. L. Harpster J.W. McCormack Post Office &

North Atlantic Energy Service Courthouse Building, Room 442 Corporation Boston, Massachusetts 02109 Post Office Box 300 Seabrook, New Hampshire 03874 Mr. David Rodham, Director Massachusetts Civil Defense Agency Town of Exeter 400 Worcester Road 10 Front Street Pest Office Box 1496 Exeter, New Hampshire 03823 Framingham, Massachusetts 01701-0317 ATTN: James Muckerheide Gerald Garfield, Esq.

Day, Berry and Howard John P. Arnold, Attorney General City Place G. Dana Bisbee, Associate Attorney Hartford, Connecticut 06103-3499 General Attorney General's Office-Mr. R. M. Kacich 25 Capitol Street Northeast Utilities Service Company Concord, New Hampshire 03301 Post Office Box 270 Hartford, Connecticut 06141-0270 Congressman Nicholas Mavroules U.S. House of Representatives Jane Spector 70 Washington Street Federal Energy Regulatory Commission Salem, Massachusetts 01970.

825 North Capital Street, N.E.

Room 8105 Washington, DC 20426 I

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