PHILADELPHIA (AP) - A Connecticut firm says it will continue its efforts to buy Philadelphia's struggling gas utility despite passage of a deadline that allows the company to withdraw at any time.
James Torgerson, president and CEO of New Haven, Connecticut-based UIL Holdings Corp., said Wednesday that officials are ready to assist council members in their assessment of the proposed sale of Philadelphia Gas Works.
Mayor Michael Nutter said in March that the $1.86 billion sale would inject $424 million into the city's distressed pension fund. He said the sale would keep rates frozen for three years, maintain discount programs for low-income families and seniors and safeguard employee and retiree pensions.
The City Council and state utility regulators must approve the sale.
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Summer is not over just yet! Hot and humid conditions much of the week with temps in the 90's and upper 80's.
Summer is not over just yet! Today will be very hot and humid with high temperatures in the low to mid 90s and mostly sunny skies. A cold front will bring some thunderstorms tonight, some of which may be severe.
Wednesday will be less humid but it remains warm all week long.
Tuesday (93/72): Clouds/Storm
Wednesday (88/74): Sun/Clouds
Thursday (89/67): Sunny/Hot
Atlantic City's Revel Hotel and Casino has officially closed its doors Tuesday morning, a little more than two years after opening and following months of financial struggles.