Date: January 29, 2009
Source: News Room
The Southeastern Public Service Authority (SPSA), which has lately spurned takeover proposals from a New York firm, recently unveiled its own plan to raise desperately needed operating funds. The four step plan includes using a $7.5 million loan, initially acquired for capital expenses, for operating expenses instead. This would give SPSA time to restructure its $240 million debt in order to lower its shorter term obligations which in turn would give them time to sell its waste-to-energy plant, proceeds of which would pay down debt. The authority estimates that by delaying principal, they can save more than $12.4 million in fiscal year 2009 and $18.1 million in fiscal year 2010. Properly deployed, the plan would help them avoid having to raise tipping fees at its facilities from $104 to $245 per ton. SPSA executive director Bucky Taylor has said that failing to raise the fee would likely mean SPSA would not have enough cash to survive another 60 days.
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