The process can be like moving through molasses, says Eddie Rodriguez, general counsel for El Paso Electric Co. when it declared bankruptcy in 1992. While the utility has assured its 13 million gas and electric customers that bankruptcy won't interrupt service, the financial fate of creditors and shareholders of the utility's holding company is less certain, attorneys say. National is in the process of bringing three additional power plants on line in California. However, that opinion is not universally shared by bankruptcy attorneys. The stock was once considered one of the safest investments on the Pacific Stock Exchange.
Creditors have priority over shareholders in bankruptcy proceedings.
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