LEXINGTON, Mass., Aug. 29 /PRNewswire-FirstCall/ -- Raytheon Company
(NYSE: RTN) today filed a lawsuit in Suffolk County Superior Court in
Massachusetts seeking to protect Raytheon's rights in connection with the
Exelon Mystic and Exelon Fore River power plant projects in Massachusetts.
Last month, Raytheon transferred care, custody, and operational control of
Fore River, the last of the two power plant projects to Exelon. Shortly
thereafter, Exelon stated that it was exiting the projects and had commenced
the process of an orderly transition of ownership of the two projects. Exelon
also announced that its project banks would forebear on a default until Aug.
29, 2003. Since Exelon's announcements, Raytheon has continued to perform
final close-out work on the projects.
The purpose of Raytheon's lawsuit is to obtain adequate assurances of
payment and to protect the Company's rights under its support agreements.
Raytheon Company (NYSE: RTN), with 2002 sales of $16.8 billion, is an
industry leader in defense, government and commercial electronics, space,
information technology, technical services, and business and special mission
aircraft. With headquarters in Lexington, Mass., Raytheon employs more than
76,000 people worldwide.
SOURCE Raytheon Company
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Related links:
http://www.raytheon.com
CONTACT:
James Fetig of Raytheon Company,
+1-781-860-2386
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