After being mired in bankruptcy court for nearly three years, Mirant's reorganization plan is complete. On January 3, Mirant's Chapter 11 proceedings came to an end after the company secured $2.35 billion in exit refinancing to pay creditors. "This is a major milestone for Mirant," stated Edward Muller, the company chair. Mirant will convert $6 billion of its liabilities into equity, according to the company. On the same day, the Department of Water Resources announced it had sold its $89.75 million unsecured claim against Mirant arising from a 2000-01 energy crisis settlement for $95.8 million. Of the total $750 million multiparty California settlement reached with Mirant to settle market misconduct allegations last year, $189.4 million was unsecured. DWR's share of that unsecured claim was $89.7 million. Although the unsecured claims were subject to a bankruptcy discount of about 50 percent, DWR held on to its portion of the claim until the company finalized its reorganization plan. Because it likely would have been given Mirant stock in exchange for the $89.7 million claim, DWR sold it, receiving $1.07 on the dollar, said Oscar Hidalgo, DWR spokesperson. "The sale will provide electric ratepayers with the full value of the energy settlement plus interest," DWR stated.