El Paso has completed the restructuring of El Paso CGP Company and successfully exchanged or assumed all of the outstanding El Paso CGP notes. The company has previously announced the redemption of all of the preferred securities of El Paso CGP's subsidiary Coastal Finance I. Upon completing the redemption, which is expected to occur on or about February 8, El Paso CGP intends to deregister with the Securities and Exchange Commission and cease its public reporting.
In addition, El Paso has renamed its exploration and production business, formerly known as El Paso Production Holding Company, to El Paso Exploration & Production Company. On December 31, 2005, all of the domestic exploration and production assets of El Paso CGP were transferred to this company. The new name reflects El Paso's balanced exploration and production program resulting from the successful restructuring of this business.
"These restructuring activities significantly simplify El Paso's corporate structure and contribute to our ongoing effort to reduce expenses," said Doug Foshee, president and chief executive officer of El Paso Corporation. "By combining all of our domestic exploration and production assets into one company, we've taken another important step toward focusing on our core pipeline and production businesses and providing greater simplicity and clarity for our investors."
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