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Quotes & Info
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| AGL > SEC Filings for AGL > Form 8-K on 23-Mar-2009 | All Recent SEC Filings |
23-Mar-2009
Other Events
On March 19, 2009, Piedmont Natural Gas Company, Inc. ("Piedmont") served Georgia Natural Gas Company ("Georgia Natural Gas"), a wholly-owned subsidiary of AGL Resources Inc. (the "Company") with a lawsuit filed in the Delaware Court of Chancery, asking the court to enter a judgment declaring that Georgia Natural Gas does not have a perpetual right to purchase Piedmont's ownership interest in SouthStar Energy Services LLC ("SouthStar").
As previously disclosed in our annual report on Form 10-K filed with the Securities and Exchange Commission on February 5, 2009, the Company believes that, under the Amended and Restated Limited Liability Company Agreement (the "Agreement") of SouthStar, Georgia Natural Gas has the evergreen opportunity, throughout the term of the joint venture, to exercise an option to purchase a portion of, or all of, Piedmont's interest in SouthStar on or before November of each year, as specified in the Agreement, with the purchase being effective as of January 1 of the following year.
Piedmont previously informed the Company of its intent to file for declaratory judgment. Although the Company believes its interpretation is correct, the Company agrees that a declaratory judgment action is an appropriate way to resolve the inconsistent interpretations.
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