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10/03/08

By MARGARET NEWKIRK
The Atlanta Journal-Constitution

Gas company agrees to proved emergency supplies through weekend while deal being worked out

A Connecticut-based gas and electricity retailer is poised to buy the assets — including the customer list — of Atlanta’s Catalyst Energy.

Catalyst filed for bankruptcy this week, after it lost a critical credit line and its natural gas supply contracts in a domino effect of the crisis on Wall Street.

MXenergy, which sells gas or electricity in 14 states and two Canadian provinces — in 39 utility territories — surfaced as a last-minute buyer Friday morning.

The state Public Service Commission suspended a hearing on Catalyst’s license twice Friday, in order to allow MX and Catalyst to work a deal.

The hearing resumes at 1 p.m.

Any deal will have to be approved both by the PSC and bankruptcy court, which will have its first chance to look at any deal on Monday.

MX has agreed to provide Catalyst customers with emergency gas through the weekend.