Dynegy Inc. will raise at least $2 billion and expand its financial reporting under a restructuring plan announced Monday. The Houston-based energy company aims to shore up its finances.

        The plan includes a 50 percent dividend cut, the spinoff of a unit and the partial sale of a 16,500-mile natural gas pipeline that Dynegy acquired from bankrupt Enron Corp. this year.

        The plan is the company's second in six months.

Paper won't fly

        AMR Corp.'s American Airlines plans to stop issuing paper tickets by the end of 2003 and start charging a $20 fee for them next month if buyers quality for an electronic version, in a cost-cutting move.

        The world's largest airline plans to have self-service ticket machines in 70 of its 170 U.S. airports.

Adelphia, banks talk

        Preparations for Adelphia Communications Corp., the nation's sixth-largest cable television operator, to file for bankruptcy protection were taking longer than initially expected, sources said Monday.

        The company was expected to file for bankruptcy Monday after reaching an agreement with banks for a $1.5 billion loan to continue operating while it reorganizes. However, details of the financing were still being discussed Monday.

Delphi-Hyundai deal

        Hyundai Motor Corp. has signed a letter of intent to buy $400 million in engine management systems from Delphi Corp. to support the Korean automaker's new V-6 engine. Production on the new engine is expected to begin in Korea “in the near future” Delphi announced Monday. Until then, the world's largest auto supplier, based in Troy, Mich., will invest $20 million at three engine management systems facilities in Korea and North America.

T-bill rates lower

        Interest rates on short-term Treasury securities fell in Monday's auction. The Treasury Department sold $17 billion in three-month bills at a discount rate of 1.680 percent, down from 1.700 percent last week. An additional $15 billion was sold in six-month bills at a rate of 1.765 percent, down from 1.800 percent.

        In a separate report, the Federal Reserve said Monday that the average yield for one-year constant maturity Treasury bills dipped to 2.13 percent last week from 2.24 percent the previous week.

OPEC won't raise output

        OPEC, seeking to keep oil at $25 a barrel, plans to maintain output quotas at the lowest level in a decade even if it means losing customers to rival producers. Ministers from the group will meet in Vienna this week to establish new targets because the agreement that drove prices up 27 percent by lowering output 1.5 million barrels a day expires this month.

Unilever profits slow

        Unilever, the world's biggest food and soap maker, said profit growth slowed in the second quarter from the first because it spent more on advertising. Dutch-based Unilever forecast earnings per share before goodwill and one-time costs will climb about 20 percent in the period after rising 37 percent in the first quarter.

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