Post-Effective
Amendment No. 2 to
SEC File No. 70-8971
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM U-l
DECLARATION
UNDER
THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935 ("Act")
GPU INTERNATIONAL, INC. ("GPU International")
GPU ELECTRIC, INC. ("GPU Electric")
One Upper Pond Road
Parsippany, New Jersey 07054
(Name of companies filing this statement and addresses
of principal executive office)
GPU, INC. ("GPU")
(Name of top registered holding company parent of applicants)
Wayne Thomson Douglas E. Davidson, Esq.
GPU International, Inc. Berlack, Israels & Liberman LLP
GPU Electric, Inc. 120 West 45th Street
One Upper Pond Road New York, New York 10036
Parsippany, New Jersey 07054
(Names and addresses of agents for service)
<PAGE>
GPU International and GPU Electric hereby post-effectively amend
their Declaration on Form U-1, as heretofore amended, docketed in SEC File No.
70-8971, as follows:
1. By completing Item 2 thereof to read in its entirety as follows:
ITEM 2.FEES, COMMISSIONS AND EXPENSES
GPU International and GPU Electric estimate that the fees, commissions and
expenses to be incurred in connection with the transactions which are the
subject of Post-Effective Amendment No. 1, will be as follows:
Legal Fees:
Berlack, Israels & Liberman LLP $5,000
Miscellaneous 500
------
$5,500
2. By filing the following exhibits in Item 6 thereof:
F - Opinion of Berlack, Israels & Liberman LLP
G - Financial Data Schedule
-2-
<PAGE>
SIGNATURE
PURSUANT TO THE REQUIREMENTS OF THE PUBLIC UTILITY HOLDING
COMPANY ACT OF 1935, THE UNDERSIGNED COMPANIES HAVE DULY CAUSED THIS STATEMENT
TO BE SIGNED ON THEIR BEHALF BY THE UNDERSIGNED THEREUNTO DULY AUTHORIZED.
GPU INTERNATIONAL, INC.
By: /s/ R. P. Lantzy
----------------------------
R. P. Lantzy
Senior Vice President and
Chief Operating Officer
GPU ELECTRIC, INC.
By: /s/ B. L. Levy
--------------------------
B. L. Levy
President
Date: April 26, 1999
-3-
EXHIBITS TO BE FILED BY EDGAR
Exhibits
F - Opinion of Berlack, Israels & Liberman LLP
G - Financial Data Schedule
Exhibit F
April 26, 1999
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: GPU International, Inc.
GPU Electric, Inc. -
Declaration on Form U-1
SEC File No. 70-8971
Ladies and Gentlemen:
We have examined Post-Effective Amendment No. 1 to the
Declaration on Form U-1, dated April 1, 1999, under the Public Utility
Holding Company Act of 1935 (the "Act"), filed by GPU International, Inc.
("GPUI") and GPU Electric, Inc. ("GPUE"), both subsidiaries of GPU, Inc.
("GPU"), with the Securities and Exchange Commission (the "Commission") and
docketed in SEC File No. 70-8971, as to be amended by Post-Effective
Amendment No. 2 thereto, dated this date, of which this opinion is to be a
part. (The Declaration, as so amended and as thus to be amended, is
hereinafter referred to as the "Declaration".)
The Declaration requests that the Commission relinquish the
jurisdiction it reserved in its order dated February 28, 1997 (HCAR No. 26678)
and seeks authorization for any subsequently organized subsidiary company of
GPUI or GPUE to declare and pay dividends to GPU out of capital and unearned
surplus from time to time through December 31, 2001.
We have been counsel to GPU and its subsidiaries for many years. In
such capacity we have participated in various proceedings relating to the
issuance of securities by GPU and its subsidiaries, and we are familiar with the
terms of the outstanding securities of the corporations comprising the GPU
holding company system.
We are members of the Bar of the State of New York and do not
purport to be expert on the laws of any jurisdiction other than the laws of the
State of New York and the federal laws of the United States. The opinions
expressed herein are limited to matters governed by the laws of the State of New
York and the federal laws of the United States.
Based upon the foregoing, and assuming that the transactions therein
proposed are carried out in accordance with the Declaration, we are of the
opinion that when the Commission shall have entered an order forthwith
permitting the Declaration to become effective,
(a) all State laws applicable to the proposed transactions
will have been complied with; and
(b) the consummation of the proposed transactions will not
violate the legal rights of the holders of any securities issued by GPU or any
"associate company" thereof, as defined in the Act.
We hereby consent to the filing of this opinion as an exhibit to the
Declaration and in any proceedings before the Commission that may be held in
connection therewith.
Very truly yours,
BERLACK, ISRAELS & LIBERMAN LLP
-2-
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
Exhibit G
<ARTICLE> OPUR1
<CIK> 0000840716
<NAME> GPU International, Inc.
<MULTIPLIER> 1,000
<CURRENCY> US DOLLARS
<S> <C> <C>
<PERIOD-TYPE> 12-MOS 12-MOS
<FISCAL-YEAR-END> DEC-31-1998 DEC-31-1998
<PERIOD-START> JAN-01-1998 JAN-01-1998
<PERIOD-END> DEC-31-1998 DEC-31-1998
<EXCHANGE-RATE> 1 1
<BOOK-VALUE> PER-BOOK PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 0 0
<OTHER-PROPERTY-AND-INVEST> 183,249 183,249
<TOTAL-CURRENT-ASSETS> 92,697 92,697
<TOTAL-DEFERRED-CHARGES> 121,577 121,577
<OTHER-ASSETS> 0 0
<TOTAL-ASSETS> 397,523 397,523
<COMMON> 100 100
<CAPITAL-SURPLUS-PAID-IN> 144,468 144,468
<RETAINED-EARNINGS> (11,620) <F1> (11,620)<F1>
<TOTAL-COMMON-STOCKHOLDERS-EQ> 132,948 132,948
0 0
0 0
<LONG-TERM-DEBT-NET> 0 0
<SHORT-TERM-NOTES> 11,600 11,600
<LONG-TERM-NOTES-PAYABLE> 0 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0 0
<LONG-TERM-DEBT-CURRENT-PORT> 0 0
0 0
<CAPITAL-LEASE-OBLIGATIONS> 0 0
<LEASES-CURRENT> 0 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 252,975 252,975
<TOT-CAPITALIZATION-AND-LIAB> 397,523 397,523
<GROSS-OPERATING-REVENUE> 72,256 72,256
<INCOME-TAX-EXPENSE> (1,796) (1,796)
<OTHER-OPERATING-EXPENSES> 76,154 76,154
<TOTAL-OPERATING-EXPENSES> 74,358 74,358
<OPERATING-INCOME-LOSS> (2,102) (2,102)
<OTHER-INCOME-NET> 14,472 14,472
<INCOME-BEFORE-INTEREST-EXPEN> 12,370 12,370
<TOTAL-INTEREST-EXPENSE> 748 748
<NET-INCOME> 11,622 11,622
0 0
<EARNINGS-AVAILABLE-FOR-COMM> 11,622 11,622
<COMMON-STOCK-DIVIDENDS> 0 0
<TOTAL-INTEREST-ON-BONDS> 0 0
<CASH-FLOW-OPERATIONS> (12,575) (12,575)
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
<FN>
<F1> INCLUDES ACCUMULATED OTHER COMPREHENSIVE INCOME OF $2,901.
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<CIK> 0000840716
<NAME> GPU Capital, Inc.
<MULTIPLIER> 1,000
<CURRENCY> US DOLLARS
<S> <C> <C>
<PERIOD-TYPE> 12-MOS 12-MOS
<FISCAL-YEAR-END> DEC-31-1998 DEC-31-1998
<PERIOD-START> JAN-01-1998 JAN-01-1998
<PERIOD-END> DEC-31-1998 DEC-31-1998
<EXCHANGE-RATE> 1 1
<BOOK-VALUE> PER-BOOK PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 1,122,375 1,122,375
<OTHER-PROPERTY-AND-INVEST> 1,110,409 1,110,409
<TOTAL-CURRENT-ASSETS> 111,348 111,348
<TOTAL-DEFERRED-CHARGES> 62,482 62,482
<OTHER-ASSETS> 0 0
<TOTAL-ASSETS> 2,406,614 2,406,614
<COMMON> 0 0
<CAPITAL-SURPLUS-PAID-IN> 348,000 348,000
<RETAINED-EARNINGS> (865) <F1> (865)<F1>
<TOTAL-COMMON-STOCKHOLDERS-EQ> 347,135 347,135
0 0
0 0
<LONG-TERM-DEBT-NET> 1,434,264 1,434,264
<SHORT-TERM-NOTES> 0 0
<LONG-TERM-NOTES-PAYABLE> 0 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0 0
<LONG-TERM-DEBT-CURRENT-PORT> 453,388 453,388
0 0
<CAPITAL-LEASE-OBLIGATIONS> 0 0
<LEASES-CURRENT> 0 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 171,827 171,827
<TOT-CAPITALIZATION-AND-LIAB> 2,406,614 2,406,614
<GROSS-OPERATING-REVENUE> 182,003 182,003
<INCOME-TAX-EXPENSE> (12,700) (12,700)
<OTHER-OPERATING-EXPENSES> 78,294 78,294
<TOTAL-OPERATING-EXPENSES> 65,594 65,594
<OPERATING-INCOME-LOSS> 116,409 116,409
<OTHER-INCOME-NET> 78,811 78,811
<INCOME-BEFORE-INTEREST-EXPEN> 195,220 195,220
<TOTAL-INTEREST-EXPENSE> 139,086 139,086
<NET-INCOME> 56,134 56,134
0 0
<EARNINGS-AVAILABLE-FOR-COMM> 56,134 56,134
<COMMON-STOCK-DIVIDENDS> 0 0
<TOTAL-INTEREST-ON-BONDS> 0 0
<CASH-FLOW-OPERATIONS> 520 520
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
<FN>
<F1> INCLUDES ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) OF ($54,505).
</FN>
</TABLE>
