Mirant Corporation has named a new chief for its Caribbean operation, including Jamaica, where the Atlanta-based energy firm owns 80 per cent of Jamaica Public Service Company (JPS).

He is William P von Blasingame, 47, who has joined Mirant as senior vice-president and general manager, Caribbean. von Blasingame will be responsible for all Mirant assets and businesses in the region, reporting to Chairman and Chief Executive Officer Edward R Muller.

"William's extensive experience in international operations and financing makes him a terrific addition to our global team," said Muller in a statement. "I'm delighted to attract an executive of his calibre to the new Mirant."
Apart from Jamaica, Mirant investments in the Caribbean include integrated utilities in Grand Bahama, Trinidad and Tobago, and Curacao.

It was not immediately clear from Friday's statement how Mirant's Caribbean operation will now be structured and what the reporting arrangements will be . Recently, the president of the Jamaica operations, Charles Matthews, was announced as also having oversight responsibility for Trinidad and Tobago.

von Blasingame's appointment was announced the same day that Mirant disclosed it received approval for its restructuring from a US bankruptcy court judge, clearing the way for it to emerge from bankruptcy shortly.

"The plan, as confirmed today by the bankruptcy court, satisfies the claims of our creditors and provides a meaningful return to our shareholders," a company spokesman told reporters.
Mirant filed for Chapter 11 bankruptcy protection in July 2003 after it was unable to restructure its debts in the wake of the merchant electricity market collapse.

The restructuring plan, which was approved by most of the Atlanta-based company's creditors and shareholders last month, will reduce its debt load by about 50 per cent, or US$7 billion, it said.
The company has said it expects to exit the bankruptcy proceedings later this month or in early January.

According to Friday's announcement von Blasingame brings nearly 20 years of power industry experience to Mirant. The bulk of his career was with independent power producer Edison Mission Energy. For the last nine years, he was a vice-president of Edison Mission, and lived in Singapore. He also served as vice-president, Project Finance, of Edison Mission's Asia region, and for the last five years, as vice-president and chief financial officer of the region.

During his tenure, he was responsible for accounting, budgeting, tax structuring and project finance. Among other accomplishments, he oversaw US$8 billion in financings and played a critical role in developing the first large-scale independent power projects in Indonesia and Thailand.

von Blasingame also has banking experience gained by managing the restructuring of energy loans while working at Continental Illinois National Bank in Chicago. He holds a BSc in business administration from Clark-Atlanta University as well as an MBA from the University of California at Berkeley.

von Blasingame joins two other Mirant executives in managing the company's electricity business. Curt Morgan heads Mirant's US operations and J R Harris leads its Philippines business. Both executives also report to Muller.

Mirant is a competitive energy company that produces and sells electricity in North America, the Caribbean, and the Philippines. Mirant owns or leases more than 18,000 megawatts of electricity generating capacity globally. The company operates an asset management and energy marketing organisation from its headquarters in Atlanta.

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