10 Facts About Mirant

GenOn Energy Holdings, formerly Mirant Corporation, was a subsidiary of GenOn Energy, and is a part of NRG Energy.

Mirant began its corporate existence in 1981 as Southern Electric International, a small consulting division of Southern Company that provided engineering and technical services to industrial companies, domestic and international utilities.

In January 2006, Mirant emerged from bankruptcy and the company was relisted to the New York Stock Exchange under the symbol MIR.

The equity holders from the pre-bankruptcy Mirant did retain a portion of the equity of the re-organized entity.

In 2007, Mirant sold some gas-fired generating plants and its overseas power plants in the Philippines and in the Caribbean.

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On Sunday, April 11,2010 Mirant announced it was merging with RRI Energy, a company formerly known as Reliant Energy.

Mirant, which owns and operates two power plants in the Hudson Valley Region of New York State, failed to pay its property taxes in a dispute with tax authorities, claiming over-assessments by the Towns of Stony Point and Haverstraw New York, as well as the North Rockland School District.

Under the terms of bankruptcy, Mirant held payment in excess of $180 million due this last several years while a settlement could be reached.

Higher than average assessments paid to the local municipalities were part of a strategy used by the Consolidated Edison and Orange and Rockland Utilities, whose plants Mirant assumed after deregulation, to site their plants in the Hudson River Valley Area.

The court determined that Mirant did not have just cause to discharge two workers for viewing pornographic materials on a computer.