Mirant files amended disclosure statement and plan of reorganization

ATLANTA, March 28, 2005 (PRNewswire-FirstCall) — Mirant filed an amended proposed Disclosure Statement and proposed Plan of Reorganization (“the Plan”) with the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth division, where the Honorable D. Michael Lynn is presiding over the case.

The company filed its initial proposed Disclosure Statement and proposed Plan on January 19, 2005. It is typical in Chapter 11 cases to supplement, modify and amend these documents as required.

The Disclosure Statement, which remains subject to Bankruptcy Court approval, contains information designed to enable Mirant’s creditors and stockholders to make an informed decision when exercising their right to accept or reject the company’s Plan. The Plan sets forth the overall structure of the company and how the claims of creditors and stockholders are to be treated.

If the Disclosure Statement is found by the Court to contain adequate information, then the company will solicit votes on the Plan from those creditors, security holders and interest holders who are entitled to vote on the Plan. A hearing on the Disclosure Statement is currently scheduled to be held in Bankruptcy Court on April 20, 2005.

Mirant notes that negotiations with its bankruptcy committees are progressing but declines additional commentary given the sensitive nature of the negotiations. Accordingly, both the proposed amended Disclosure Statement and proposed Plan remain subject to change.

Mirant expects to emerge from Chapter 11 by mid-year 2005.

The amended Disclosure Statement and Plan of Reorganization are available at www.mirant.com under “Financials”.

About Mirant [ www.mirant.com ]

Mirant is a competitive energy company that produces and sells electricity in North America, the Caribbean, and the Philippines. Mirant owns or leases more than 18,000 megawatts of electric generating capacity globally. The company operates an asset management and energy marketing organization from its headquarters in Atlanta.

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