UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
April 4, 2002
(Date of earliest event reported)
Commission File Name of Registrant; State of Incorporation; Address of IRS Employer
Number Principal Executive Offices; and Telephone Number Identification Number
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1-16169 EXELON CORPORATION 23-2990190
(a Pennsylvania corporation)
10 South Dearborn Street - 37th Floor
P.O. Box 805379
Chicago, Illinois 60680-5379
(312) 394-7398
Item 5. Other Events
On April 5, 2002 Exelon Corporation issued the following press release.
EXELON LOGO
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News Release
From: Exelon Corporation For Immediate Release
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Corporate Communications April 5, 2002
P.O. Box 805379
Chicago, IL 60680-5379
Contact: Kellie Szabo, 312.394.3071
Indirect Subsidiary of Exelon Corporation Declares Bankruptcy
Chicago (April 5, 2002) -- ETT Nevada, Inc., an indirect subsidiary of Exelon
Corporation, filed for protection under Chapter 11 of the Bankruptcy Code on
April 4, 2002. This filing was necessary to protect ETT Nevada's $9.3 million
equity investment in Northwind Aladdin, LLC from the risk of loss due to a
possible lender foreclosure and to avoid disruption to Northwind Aladdin's
business and operations.
Northwind Aladdin owns and operates an energy facility that provides hot water,
chilled water and back-up emergency electrical generation to the Aladdin Hotel
and Casino and an adjoining shopping mall in Las Vegas, Nevada. The equity
investment in Northwind Aladdin is ETT Nevada's only material asset, and
represents a 75% ownership interest in Northwind Aladdin. The remaining 25% is
owned by a subsidiary of Sierra Pacific Resources, an unaffiliated third party.
The energy facility was financed through non-recourse project financing and
equity contributions by ETT Nevada and Sierra Pacific's subsidiary. ETT Nevada's
equity investment is pledged as collateral for Northwind Aladdin's $23 million
non-recourse project financing. The financing is in default due to Aladdin
Gaming, LLC, the owner of the Aladdin Hotel and Casino, filing for protection
under Chapter 11 of the Bankruptcy Code in September 2001.
Only Northwind Aladdin, and no other Exelon company, is liable on this
financing, which is with an unaffiliated financial institution. Northwind
Aladdin's energy facility continues to operate and provide services to the
Aladdin Hotel and Casino.
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Exelon Corporation is one of the nation's largest electric utilities with
approximately 5 million customers and more than $15 billion in annual revenues.
The company has one of the industry's largest portfolios of electricity
generation capacity, with a nationwide reach and strong positions in the Midwest
and Mid-Atlantic. Exelon distributes electricity to approximately 5 million
customers in Illinois and Pennsylvania and gas to more than 440,000 customers in
the Philadelphia area. The company also has holdings in such competitive
businesses as energy, infrastructure services, energy services and
telecommunications. Exelon is headquartered in Chicago and trades on the NYSE
under the ticker EXC.
This press release contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements are based on management's current expectations and are subject to
uncertainty and changes in circumstances. Actual results may vary materially
from the expectations contained herein. The forward-looking statements herein
include statements about future financial and operating results of Exelon.
Economic, business, competitive and/or regulatory factors affecting Exelon's
businesses generally could cause actual results to differ materially from those
described herein. For a discussion of the factors that could cause actual
results to differ materially, please see Exelon's filings with the Securities
and Exchange Commission, particularly those discussed in "Management's
Discussion and Analysis of Financial Condition and Results of Operations--
Outlook" in Exelon's 2001 Annual Report. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak only as of the
date of this press release. Exelon does not undertake any obligation to publicly
release any revisions to these forward-looking statements to reflect events or
circumstances after the date of this press release.
page 2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
EXELON CORPORATION
/S/ Ruth Ann M. Gillis
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Ruth Ann M. Gillis
Senior Vice President and Chief Financial Officer
Exelon Corporation
April 4, 2002