Brutal earnings, panic borrowing and a potential bankruptcy filing greeted energy investors Friday morning.
( EP) was the latest, posting a 2-cent loss in the third quarter on a 16% revenue dip and saying it would exit the energy trading business. The company was supposed to earn 27 cents a share, according to the consensus estimate of analysts polled by First Call.
reportedly offered to turn itself over to creditors via a Chapter 11 filing. The company, which was set up by
to sell power in wholesale markets, owes about $10 billion and has missed a number of debt payments.
, the former Reliant Energy, will get a badly needed $1.3 billion loan from
( BRK) at an annual interest rate of 12.25%,
The Wall Street Journal
reported. Centerpoint needed to raise at least $400 million by next week in order to preserve a much larger credit pact.