GLENWOOD SPRINGS, Colo.—The financial meltdown has moved from Wall Street to Main Street to a county road in western Colorado.
A plan to rebuild a Garfield County road that serves a booming natural gas field has been delayed because Chevron Corp., which agreed to put up most of the money, hasn’t been able to get a letter of credit to guarantee its share.
Chevron officials said Monday they had been promised the letter from Wachovia bank, but the bank later told them it has frozen all lines of credit that haven’t been issued yet.
Wachovia suffered a $5 billion run on deposits last month and is in the process of being acquired by Wells Fargo.
Chevron says it’s now arranging to get the letter of credit from JP Morgan Chase.
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Information from: Post Independent,
