Risk.net

El Paso pushes to reduce debt, exit trading

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Troubled natural gas services provider and pipeline operator El Paso Corp has continued its effort both to reduce its debt with two further non-core-asset sales and to exit trading, with various management changes. But some industry sources are sceptical that it has done enough to reassure shareholders.

On January 25, Houston-based El Paso sold its 50% stake in CE Generation to TransAlta USA, a subsidiary of Calgary-based generator TransAlta Corp, for $240 million. The deal includes the right