Spending money requires a judge's okay. The approval, expected in a month, will eat away precious time as the temperatures start to rise. The delays in the conservation plan might lead to bigger shortages in May and June. Because the company can no longer afford to repay billions of dollars in debts, it has gone to court to declare bankruptcy. Some experts see it as a sign that the energy crisis isn't going away anytime soon.
Bankruptcy is a very complicated legal process.
It's basically a way for a company in financial trouble to repay debts to people or other companies with the help of a court. The court helps decide who gets repaid first, and how much of what is owed has to be paid back. Without bankruptcy protection, a troubled company could be required to give up much of its property to settle debts. It could even be forced out of business. Under bankruptcy law, the company can continue to sell electricity and natural gas to its 13 million customers while it repays what it owes and tries to get back on its feet.