TAQA: US$3.1 Billion Facility Rollover Discussion in Early Stage

Here's TAQA's announcement on the ADX today confirming that it is in the early stages of negotiations to rollover its US$3.1 billion facility maturing next August. 

The press release notes that only US$1 billion has been drawn and that the facility was extended by a 14 member banking syndicate composed of local and international banks.

TAQA Responds: No Merit to Peter Barker Homek Lawsuit

TAQA issued a press release on the Abu Dhabi Exchange this morning:

1. No merit to Mr. Barker-Homek's lawsuit.
2. The Company will respond through legal channels at the appropriate time.
3. No impact on financial statements expected.

Earlier post here.

The Price of Honor: Opening Bid US$430 Million

The National carries the story of Mr. Peter Barker-Homek, once CEO of Taqa, now dismissed and in court in Michigan to assuage the insult to his honor with a US$460 million lawsuit in the State of Michigan. Of which US$430 million is for pain, suffering, reputational damage, etc.

 In case you're wondering his claim is for approximately 21% of the Company's net worth at 30 June 2010 (excluding minority interests and shareholder/government loans).   Or 2.11 x the net income for the first six months of 2010.