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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
December 31, 2001 (December 31, 2001)
GREAT PLAINS ENERGY INCORPORATED
(Exact name of registrant as specified in its charter)
0-33207
(Commission file number)
MISSOURI 43-1916803
(State of other (I.R.S. Employer
jurisdiction of incorporation or Identification No.)
organization)
1201 Walnut
Kansas City, Missouri 64106
(Address of principal executive offices)
(816) 556-2200
(Registrant's telephone number, including area
code)
NOT APPLICABLE
(Former name or former address, if changed since
last report)
ITEM 5. OTHER EVENTS
Attached are copies of two press releases issued today by
Great Plains Energy Incorporated.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibit
Number
-------
99-1 Press Release issued December 31, 2001, by
Great Plains Energy Incorporated.
99-2 Press Release issued December 31, 2001, by
Great Plains Energy Incorporated.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
GREAT PLAINS ENERGY INCORPORATED
/s/Jeanie Sell Latz
Senior Vice President-Corporate
Services
Date: December 31, 2001
Exhibit 99-1
Media Contact: Tom Robinson
816-556-2902
Investor Contact: Greg Drown
816-556-2312
FOR IMMEDIATE RELEASE
DTI HOLDINGS, INC. WILL INITIATE FINANCIAL RESTRUCTURING
KANSAS CITY, MO, December 31, 2001 - Great Plains Energy
Incorporated (NYSE:GXP) today announced that its indirect
subsidiaries, DTI Holdings, Inc. and Digital Teleport, Inc. (DTI)
will both file voluntary petitions for reorganization under
Chapter 11 of the U.S. Bankruptcy Code. The filings, being made
in St. Louis at the United States Bankruptcy Court for the
Eastern District of Missouri, will enable Digital Teleport, Inc.
to continue to conduct its business operations while
restructuring financial obligations.
DTI is a facilities-based telecommunications company based in St.
Louis, MO that focuses on providing access and connectivity to
underserved secondary and tertiary cities. On October 9, 2001 in
a filed 8-K, Great Plains Energy disclosed that in response to
the current challenges of the telecommunications industry, DTI
was exploring all of its strategic alternatives including
bankruptcy.
Based upon current information, Great Plains Energy expects to
record an after-tax charge against earnings in the fourth quarter
of 2001 of approximately $125 million or $2.02 per share. This
charge represents a pre-tax write off of approximately $161
million of the $173 million investment. Any earnings or losses
from DTI during bankruptcy will not flow through Great Plains
Energy's income statement and DTI's assets and liabilities will
no longer be included in the consolidated balance sheet. KLT
Telecom, an indirect wholly owned subsidiary of Great Plains
Energy, has agreed to provide up to $5 million in debtor-in-
possession financing, subject to the bankruptcy court affirming
its senior priority in repayment.
DTI has retained Sonnenschein Nath & Rosenthal to provide legal
representation for the proceedings and Deloitte & Touche LLP as
financial advisors for the restructuring.
MORE
-2-
Great Plains Energy will broadcast a discussion of the DTI impact
via the Internet today, December 31, 2001 at 1:00 PM Eastern /
12:00 PM Central. The presentation can be accessed through
www.kcpl.com. A replay of the webcast will be available on
the web site until close of business on January 11, 2002.
Great Plains Energy Incorporated (NYSE:GXP) is the holding
company for three wholly owned subsidiaries: Kansas City Power &
Light Company, a leading regulated provider of electricity in the
Midwest; Great Plains Power Inc., a competitive generator that
will sell to the wholesale market; and KLT Inc., an investment
company focusing on energy related ventures nationwide that are
unregulated with high growth potential. Headquartered in Kansas
City, MO, the Company's web site is www.kcpl.com.
CERTAIN FORWARD-LOOKING INFORMATION -- Statements made in this
press release that are not based on historical facts are forward-
looking, may involve risks and uncertainties, and are intended to
be as of the date when made. In connection with the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995, the Company is providing a number of important factors that
could cause actual results to differ materially from provided
forward-looking information. These important factors include
future economic conditions in the regional, national and
international markets; state, federal and foreign regulation;
weather conditions; cost of fuel; financial market conditions
including, but not limited to changes in interest rates;
inflation rates; increased competition including, but not limited
to the deregulation of the United States electric utility
industry and the entry of new competitors; ability to carry out
marketing and sales plans; ability to achieve generation planning
goals and the occurrence of unplanned generation outages; nuclear
operations; ability to enter new markets successfully and
capitalize on growth opportunities in nonregulated businesses;
adverse changes in applicable laws, regulations or rules
governing environmental including air quality regulations, tax or
accounting matters; delays in the anticipated in-service dates of
additional generating capacity; market conditions in the
telecommunications industry; and other risks and uncertainties.
This list of factors may not be all-inclusive since it is not
possible to predict all possible factors.
###
Exhibit 99-2
Media: Tom Robinson
816.556.2902
Investor: Greg Drown
FOR IMMEDIATE RELEASE 816.556.2312
Great Plains Energy Announces Expected 2002 Earnings
Kansas City, MO, December 31, 2001 - Great Plains Energy
Incorporated (NYSE:GXP) today announced expected 2002
earnings to be in the range of $2.00 to $2.10 per share.
KLT Inc., the unregulated investment company, expects to
contribute $.40 - $.45 per share. The earnings guidance
reflects today's voluntary filings of DTI Holdings, Inc.
and Digital Teleport, (DTI) Inc. for reorganization under
Chapter 11. Any earnings or losses from DTI during
bankruptcy will not flow through Great Plains Energy's
income statement and DTI's assets and liabilities will
no longer be included in the consolidated balance sheet.
Kansas City Power & Light, the regulated electric utility,
expects to contribute to 2002 earnings in the range of $1.60
to $1.70 per share. The revised guidance reflects increased
pension plan expense, expected lower bulk power prices and
planned power plant outages deferred due to Hawthorn #5
being off line for two years.
Great Plains Energy is the holding company for three wholly
owned subsidiaries: Kansas City Power & Light Company, a
leading regulated provider of electricity in the Midwest;
Great Plains Power Inc., a competitive generator that will
sell to the wholesale market; and KLT Inc., a national
investment company focusing on energy related ventures that
are unregulated with high growth potential. Headquartered
in Kansas City, Missouri, the Company's web site is
www.kcpl.com.
CERTAIN FORWARD-LOOKING INFORMATION -- Statements made in
this press release that are not based on historical facts
are forward-looking, may involve risks and uncertainties,
and are intended to be as of the date when made. In
connection with the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, the Company is
providing a number of important factors that could cause
actual results to differ materially from provided forward-
looking information. These important factors include future
economic conditions in the regional, national and
international markets; state, federal and foreign
regulation; weather conditions; cost of fuel; financial
market conditions including, but not limited to changes in
interest rates; inflation rates; increased competition
including, but not limited to the deregulation of the United
States electric utility industry and the entry of new
competitors; ability to carry out marketing and sales plans;
ability to achieve generation planning goals and the
occurrence of unplanned generation outages; nuclear
operations; ability to enter new markets successfully and
capitalize on growth opportunities in nonregulated
businesses; adverse changes in applicable laws, regulations
or rules governing environmental including air quality
regulations, tax or accounting matters; delays in the
anticipated in-service dates of additional generating
capacity; market conditions in the telecommunications
industry; and other risks and uncertainties. This list of
factors may not be all-inclusive since it is not possible to
predict all possible factors.
###