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Thursday, 15 August, 2002, 10:47 GMT 11:47 UK
Dynegy unable to certify results
Dynegy logo on the streets of downtown Houston
Dynegy is restating its 2001 financial statements
The energy trader Dynegy has said that it is unable to swear to the accuracy of its financial results.

The company was one of hundreds which were ordered to comply with new US regulations requiring bosses to certify company accounts by Wednesday evening.

But Dynegy said its chief executive and chief financial officer could not certify the company's results because it was in the process of restating its 2001 financial statements.

The firm is also in the middle of a three-year re-audit of its financial statements.

Tumbling shares

The new rules were brought in by the US financial watchdog, the Securities and Exchange Commission (SEC).

They are designed to restore confidence in US companies after a series of damaging accounting scandals.

At one point Dynegy was set to take over its rival Enron - the first of several big corporates to collapse after admitting that it had overstated its profits.

But Dynegy pulled out of the rescue merger when the extent of Enron's problems became clear.

And then Dynegy's own troubles began with a regulatory investigation, a share price collapse, a credit downgrade and disappearing trading partners.

The company's shares have fallen more than 97% since May last year when they reached $57.95.

On Wednesday the stock closed down 3 cents at $1.49.


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FORUM
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