[Federal Register Volume 59, Number 36 (Wednesday, February 23, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-3977]


[[Page Unknown]]

[Federal Register: February 23, 1994]


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NUCLEAR REGULATORY COMMISSION
[Docket No. 50-443 (License No. NPF-86)]

 

North Atlantic Energy Service Corporation (Seabrook Station, Unit 
No. 1); Order for Modification of Order Approving Transfer of License

I.

    Great Bay Power Corporation, formerly EUA Power Corporation, is the 
holder of a 12.1324 percent ownership share in Seabrook Station, Unit 
No. 1. Great Bay Power Corporation's interest in Seabrook Station, Unit 
No. 1, is governed by License No. NPF-86 issued by the U.S. Nuclear 
Regulatory Commission (NRC), pursuant to part 50 of title 10 of the 
Code of Federal Regulations (10 CFR), on March 15, 1990, in Docket No. 
50-443. Under this license, only North Atlantic Energy Service 
Corporation, acting as agent and representative of the 11 joint owners 
listed in the license, has the authority to operate Seabrook Station, 
Unit No. 1. Seabrook Station, Unit No. 1, is located in Rockingham 
County, New Hampshire.

II.

    The transfer of any right under License No. NPF-86 is subject to 
the NRC's approval pursuant to 10 CFR 50.80(a). By letter of May 14, 
1993, from its counsel, Ropes & Grey, North Atlantic Energy Service 
Corporation filed two requests with the NRC. One requested NRC approval 
of the indirect transfer of control of EUA Power Corporation's 12.1324 
percent ownership share in Seabrook Station, Unit No. 1. The other 
requested an amendment to the Operating License to reflect EUA Power 
Corporation's change of name to Great Bay Power Corporation. The name 
of EUA Power Corporation was formally changed to Great Bay Power 
Corporation in February 1993. The name change was filed with the 
Secretary of State of New Hampshire following the redemption of all 
outstanding stock in EUA Power Corporation from its corporate patent, 
Eastern Utility Associates. The stock redemption was one of several 
interrelated steps in the Plan of Reorganization (of EUA Power 
Corporation) filed with the Bankruptcy Court. Following the redemption 
of its outstanding stock, EUA Power Corporation was no longer a 
subsidiary of Eastern Utility Associates, and the name was changed to 
remove any implication of a continuing relationship with its former 
corporate parent. The name change did not affect the corporate entity 
of the debtor in bankruptcy.
    Indirect transfer of control, in this case, results from the 
elimination of the existing stock of the debtor (now known as Great Bay 
Power Corporation) and the issuance of new stock to the holders of the 
debtor's bonds and to others.
    On August 16, 1993, the NRC issued Amendment 23 to License No. NPF-
86 that incorporated the name change of EUA Power Corporation to Great 
Bay Power Corporation in the footnote to page 1 of the operating 
license and issued an order approving the indirect transfer of the 
ownership interest of EUA Power Corporation. The order was contingent 
on the transfer of control being completed no later than February 15, 
1994, and included the provision that upon application and showing of 
good cause, the order may be extended for a short period beyond 
February 15, 1994.
    On February 3, 1994, North Atlantic Energy Service Corporation, 
through their counsel Ropes & Grey, filed an application requesting 
extension of the order until June 30, 1994, and identified the reasons 
why the transfer of control can not be completed by February 15, 1994. 
In that application, North Atlantic Energy Service Corporation asserts 
that the sole obstacle to final implementation of the Plan of 
Reorganization has been the difficulty with completing the contemplated 
$45 million credit facility for the source of funds to cover Great Bay 
Power Corporation's cash requirements. As an alternative to this credit 
facility, the bondholders have reached an agreement in principle with 
Omega Advisors that provides for an investment of $35 million by Omega 
Advisors in exchange for 60 percent equity of Great Bay Power 
Corporation. This agreement, reached on February 2, 1994, is a 
modification to the Plan of Reorganization and requires supplemental 
disclosure to the creditors and reconfirmation by the Bankruptcy Court.
    On the basis of the information provided in North Atlantic Energy 
Service Corporation's application (Ropes and Grey letter dated February 
3, 1994), I find that there is good cause to extend the expiration date 
of the Order Approving Transfer of License dated August 16, 1993.
    Accordingly, pursuant to sections 161b, 161i, and 184 of the Atomic 
Energy Act of 1954, as amended, 42 USC 2201 et seq., and 10 CFR 50.80, 
it is hereby ordered that: The Order Approving Transfer of License 
dated August 16, 1993, is modified to change the latest date for 
completion of the transfer, as specified in section III of the August 
16, 1993, Order, to June 30, 1994. The Order of August 16, 1993, except 
as modified herein, remains in effect.


    For the Nuclear Regulatory Commission.

    Dated at Rockville, Maryland this 15th day of February, 1994.
Frank J. Miraglia,
Acting Director, Office of Nuclear Reactor Regulation.
[FR Doc. 94-3977 Filed 2-22-94; 8:45 am]
BILLING CODE 7590-01-M