1
 Northeast Utilities raised its bid for Public Service Co. of New Hampshire,
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 which is operating under Bankruptcy Code protection, 
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to $2.25 billion from $1.85 billion.
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 Northeast's raised bid, 
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which was supported by PS of New Hampshire's official shareholder committee, 
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is a prelude to what is expected to be a round of higher bids by the other groups 
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trying to acquire the company, the largest utility in New Hampshire.
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 The $2.25 billion value 
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claimed by Northeast, 
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based in Hartford, Conn., 
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is the highest yet given to a bid. 
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Some of the three other bidding groups are expected to increase their offers tomorrow, a date 
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set for revised offers by a bankruptcy court judge.
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 A hearing is set for Nov. 15,
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 but participants don't expect a resolution until July 1990.
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 Under the new Northeast Utilities plan, it would pay $1.65 billion in cash to creditors 
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and assume $100 million in pollution control bonds. 
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Secured creditors would recover both principal and interest, 
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while unsecured creditors would receive only principal and interest accrued 
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before PS of New Hampshire filed for Bankruptcy Code protection in January 
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 The biggest change in Northeast's offer was in improvements 
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made for equity holders 
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who had been given short shrift previously.
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 Assuming full operation of the Seabrook nuclear power plant, 
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which is completed 
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but isn't yet operating,
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 equity holders would receive up to $500 million in cash, preferred stock and new 10-year Seabrook bonds.
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 Northeast's previous offer had proposed 
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that equity holders receive just $165 million. 
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 In addition, Northeast promised the State of New Hampshire 
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that rate increases would be limited to 5.5% annually for seven years.
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 Its previous proposal had conditioned rate limits on Seabrook operations and other contingencies.
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 Wilbur Ross, financial adviser to the equity holders said, 
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Given the state's strong bargaining position . . . 
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we believe 
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the NU plan provides the best recovery available to PS of New Hampshire's equity holders.
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 Officials of PS of New Hampshire couldn't be reached for comment.
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 The company has filed an internal reorganization plan 
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it valued at $2.2 billion
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 that would require 5.5% rate increases.
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 That plan would leave existing preferred shareholders with at least a 41% stake 
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and give common shareholders as little as 13%.
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 New England Electric System, Westborough, Mass., has proposed buying the company for $2 billion as part of a plan 
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that would require rate increases of only 4.8% annually for seven years.
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 The state of New Hampshire has favored that plan.
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 The other bidder is United Illuminating Co., New Haven, Conn., with a bid 
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valued at $2.2 billion 
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and and a proposal for seven years of 5.5% rate increases.
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