Philly Could Net $872M In Sale Of Gas Utility, City Says

Law360, Philadelphia (October 18, 2013, 2:41 PM EDT) -- In a new financial analysis released Friday, city officials said Philadelphia’s municipally owned natural gas utility could fetch upward of $1.9 billion from a potential buyer, with net proceeds as high as $872 million being targeted to shore up the city’s underfunded pension system.

City officials said the report, put together by consultants from Lazard Frères & Co. LLC, affirmed that a planned sale of Philadelphia Gas Works would reap a much-needed revenue surge to refill municipal coffers while continuing to provide thousands of utility customers...
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