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Natural gas provider files bankruptcy

POSTED: October 18, 2008 5:00 a.m.

ATLANTA — Natural gas marketer Catalyst Energy has filed for Chapter 11 bankruptcy after losing its required line of credit.
The company, which entered Georgia's gas market two years ago, filed Wednesday after losing both its credit line and its contracted fuel supply this week.
Georgia utility regulators will begin deciding today if Catalyst can continue to sell gas in the state.
State law requires marketers to have enough credit to pay for the gas they order.
Catalyst Chief Executive Officer Fernando de Aguero said his company's bankruptcy stems from the meltdown on Wall Street.
The company has 30,000 customers in Georgia and liabilities of $20 million
"We are all aware of what's happening with the macro economy," he said. "And it's gone down into the midmarket and now Main Street.
"It's very common. It's going on all over the country right now."

 

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