PHILADELPHIA (AP) - A Connecticut firm says it will continue its efforts to buy Philadelphia's struggling gas utility despite passage of a deadline that allows the company to withdraw at any time.
James Torgerson, president and CEO of New Haven, Connecticut-based UIL Holdings Corp., said Wednesday that officials are ready to assist council members in their assessment of the proposed sale of Philadelphia Gas Works.
Mayor Michael Nutter said in March that the $1.86 billion sale would inject $424 million into the city's distressed pension fund. He said the sale would keep rates frozen for three years, maintain discount programs for low-income families and seniors and safeguard employee and retiree pensions.
The City Council and state utility regulators must approve the sale.
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Sunny and mild Monday with a chance of rain by Tuesday morning.
We are looking at a pleasant but cool stretch of weather ahead. Temperatures will be running roughly 5-7 degrees below normal giving us cool mornings (50's and 40's) and mild afternoons (low 70's) through the week. The next chance of rain is Tuesday morning.
Monday (75/54) Sun/Clouds
Tuesday (75/56) A.M. Showers
State police say one trooper is dead and another is injured after a shooting at a state police barracks in northeastern Pennsylvania.