PLANO, Texas, March 25, 2003 — Texas Commercial Energy (TCE) announced its plans for internal restructuring to facilitate its bankruptcy reorganization efforts.
Michael Shirley has been appointed President/CEO and will guide TCE’s efforts to emerge from bankruptcy protection. TCE’s former President, Scott Hart has resigned to pursue other interests.
Shirley is an attorney most recently with the Austin office of the law firm Winstead, Sechrest & Minick P.C. and has practiced before the Public Utilities Commission for more than 27 years. Shirley is also an active investor in TCE and will represent the interests of TCE’s owners and investors. Mark Weintrub was appointed Executive Vice President/General Counsel of TCE to assist Shirley with the reorganization process and day-to-day operations of the company.
“Reaching a mutually satisfactory payment agreement with ERCOT last week was extremely important to TCE’s ability to move quickly through the reorganization process,” said Shirley. “Now, we have turned our attention to developing a business plan for TCE’s successful reorganization.”
As a part of the reorganization, TCE also announced that is has scaled back its workforce by approximately 30 jobs to address current operational needs. “It is unfortunate that a reduction in our workforce was necessary, however, the loss of nearly 40% of our customer base necessitates these changes,” said Shirley. “Fortunately, we have been able to retain a core management and operations team that will enable us to move ahead.”
“Despite having to make tough reorganization decisions, we are confident we now have the dedicated personnel necessary to provide the level of service our customers expect from TCE,” Shirley continued. “Many of our former customers continue to express their interest in returning to TCE, and we are happy to tell them that we now stand ready and able to bring them back into the organization.”
About Texas Commercial Energy
Texas Commercial Energy is a Retail Electric Provider founded in January 2002 in response to deregulation in Texas energy markets. Headquartered in Plano, Texas, Texas Commercial Energy serves more than 1,000 business customers throughout the state of Texas.