[Federal Register Volume 59, Number 36 (Wednesday, February 23, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-3977]
[[Page Unknown]]
[Federal Register: February 23, 1994]
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NUCLEAR REGULATORY COMMISSION
[Docket No. 50-443 (License No. NPF-86)]
North Atlantic Energy Service Corporation (Seabrook Station, Unit
No. 1); Order for Modification of Order Approving Transfer of License
I.
Great Bay Power Corporation, formerly EUA Power Corporation, is the
holder of a 12.1324 percent ownership share in Seabrook Station, Unit
No. 1. Great Bay Power Corporation's interest in Seabrook Station, Unit
No. 1, is governed by License No. NPF-86 issued by the U.S. Nuclear
Regulatory Commission (NRC), pursuant to part 50 of title 10 of the
Code of Federal Regulations (10 CFR), on March 15, 1990, in Docket No.
50-443. Under this license, only North Atlantic Energy Service
Corporation, acting as agent and representative of the 11 joint owners
listed in the license, has the authority to operate Seabrook Station,
Unit No. 1. Seabrook Station, Unit No. 1, is located in Rockingham
County, New Hampshire.
II.
The transfer of any right under License No. NPF-86 is subject to
the NRC's approval pursuant to 10 CFR 50.80(a). By letter of May 14,
1993, from its counsel, Ropes & Grey, North Atlantic Energy Service
Corporation filed two requests with the NRC. One requested NRC approval
of the indirect transfer of control of EUA Power Corporation's 12.1324
percent ownership share in Seabrook Station, Unit No. 1. The other
requested an amendment to the Operating License to reflect EUA Power
Corporation's change of name to Great Bay Power Corporation. The name
of EUA Power Corporation was formally changed to Great Bay Power
Corporation in February 1993. The name change was filed with the
Secretary of State of New Hampshire following the redemption of all
outstanding stock in EUA Power Corporation from its corporate patent,
Eastern Utility Associates. The stock redemption was one of several
interrelated steps in the Plan of Reorganization (of EUA Power
Corporation) filed with the Bankruptcy Court. Following the redemption
of its outstanding stock, EUA Power Corporation was no longer a
subsidiary of Eastern Utility Associates, and the name was changed to
remove any implication of a continuing relationship with its former
corporate parent. The name change did not affect the corporate entity
of the debtor in bankruptcy.
Indirect transfer of control, in this case, results from the
elimination of the existing stock of the debtor (now known as Great Bay
Power Corporation) and the issuance of new stock to the holders of the
debtor's bonds and to others.
On August 16, 1993, the NRC issued Amendment 23 to License No. NPF-
86 that incorporated the name change of EUA Power Corporation to Great
Bay Power Corporation in the footnote to page 1 of the operating
license and issued an order approving the indirect transfer of the
ownership interest of EUA Power Corporation. The order was contingent
on the transfer of control being completed no later than February 15,
1994, and included the provision that upon application and showing of
good cause, the order may be extended for a short period beyond
February 15, 1994.
On February 3, 1994, North Atlantic Energy Service Corporation,
through their counsel Ropes & Grey, filed an application requesting
extension of the order until June 30, 1994, and identified the reasons
why the transfer of control can not be completed by February 15, 1994.
In that application, North Atlantic Energy Service Corporation asserts
that the sole obstacle to final implementation of the Plan of
Reorganization has been the difficulty with completing the contemplated
$45 million credit facility for the source of funds to cover Great Bay
Power Corporation's cash requirements. As an alternative to this credit
facility, the bondholders have reached an agreement in principle with
Omega Advisors that provides for an investment of $35 million by Omega
Advisors in exchange for 60 percent equity of Great Bay Power
Corporation. This agreement, reached on February 2, 1994, is a
modification to the Plan of Reorganization and requires supplemental
disclosure to the creditors and reconfirmation by the Bankruptcy Court.
On the basis of the information provided in North Atlantic Energy
Service Corporation's application (Ropes and Grey letter dated February
3, 1994), I find that there is good cause to extend the expiration date
of the Order Approving Transfer of License dated August 16, 1993.
Accordingly, pursuant to sections 161b, 161i, and 184 of the Atomic
Energy Act of 1954, as amended, 42 USC 2201 et seq., and 10 CFR 50.80,
it is hereby ordered that: The Order Approving Transfer of License
dated August 16, 1993, is modified to change the latest date for
completion of the transfer, as specified in section III of the August
16, 1993, Order, to June 30, 1994. The Order of August 16, 1993, except
as modified herein, remains in effect.
For the Nuclear Regulatory Commission.
Dated at Rockville, Maryland this 15th day of February, 1994.
Frank J. Miraglia,
Acting Director, Office of Nuclear Reactor Regulation.
[FR Doc. 94-3977 Filed 2-22-94; 8:45 am]
BILLING CODE 7590-01-M
