Word: bonding
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...cash, Public Service last week did something that utilities virtually never do: it defaulted. The company deliberately missed a $37.5 million semiannual interest payment on nearly a third of its $1.5 billion debt. Not since the Great Depression had a major investor-owned utility failed to meet its bond commitments. "We are in a heap of trouble," admits Robert Harrison, Public Service's president...
That will bring no immediate help for Public Service, which is battling with dissident creditors over rescue plans. A group of bond owners (estimated holdings: $200 million) led by New York City Investor Martin Whitman is proposing to spin off Public Service's share in Seabrook into a separate company, thus leaving the utility less encumbered by debt. Losing Seabrook, however, is anathema to the utility, which still hopes to reap the hefty return that an operating nuclear plant can deliver. Public Service's Harrison proposes to restructure the debt, slash the utility's costs and raise electric rates...
Further, during the last Congressional primaries, tantamount to election in Democratic Cambridge, only 31 percent of registered electors voted in the third precinct, which is made up almost entirely of Harvard students. This says a lot about the bond young Americans feel to their community...
Consolidated Utilities and Communications Inc., a group of Public Service bond holders, has proposed a rival bailout plan which would freeze electric rates for three years...
Gore tries to strike a bond with ordinary voters by proclaiming himself the "only farmer in the race." He tells stories about raising Angus cattle since he was six on his father's 250-acre farm in Carthage, Tenn.; he showed one of his heifers and won a blue ribbon at the Iowa State Fair. But he quickly adds that anyone who shakes hands with him will notice the absence of calluses: "I haven't been spending much time on tractors of late...