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Byline: David Hanners
Aug. 16--Minneapolis-based NRG Energy will run out of money in October, and perhaps face bankruptcy, unless its banks agree to lighten up on the conditions of some loan agreements, according to a quarterly report filed late Wednesday by NRG's parent company, Xcel Energy.
Amid the biz-speak and legalese of the report, known as a 10-Q and filed with the Securities and Exchange Commission, is the plain-spoken declaration: "NRG has a great deal of debt."
NRG is about $9 billion in debt and it has to come up with between $1.1 billion and $1.3 billion in collateral by Monday -- unless it can get the banks to agree to extend the …