Panda Energy International, Inc. was an American

privately held A privately held company (or simply a private company) is a company whose Stock, shares and related rights or obligations are not offered for public subscription or publicly negotiated in their respective listed markets. Instead, the Private equi ...

company A company, abbreviated as co., is a Legal personality, legal entity representing an association of legal people, whether Natural person, natural, Juridical person, juridical or a mixture of both, with a specific objective. Company members ...

headquartered in

Dallas Dallas () is a city in the U.S. state of Texas and the most populous city in the Dallas–Fort Worth metroplex, the List of Texas metropolitan areas, most populous metropolitan area in Texas and the Metropolitan statistical area, fourth-most ...

Texas Texas ( , ; or ) is the most populous U.S. state, state in the South Central United States, South Central region of the United States. It borders Louisiana to the east, Arkansas to the northeast, Oklahoma to the north, New Mexico to the we ...

which constructs, maintains and operates

environmentally friendly Environment friendly processes, or environmental-friendly processes (also referred to as eco-friendly, nature-friendly, and green), are sustainability and marketing terms referring to goods and services, laws, guidelines and policies that c ...

power plants A power station, also referred to as a power plant and sometimes generating station or generating plant, is an industrial facility for the generation of electric power. Power stations are generally connected to an electrical grid. Many power ...

. The organization has been recognised by ''

Newsweek ''Newsweek'' is an American weekly news magazine based in New York City. Founded as a weekly print magazine in 1933, it was widely distributed during the 20th century and has had many notable editors-in-chief. It is currently co-owned by Dev P ...

'' magazine as one of the top ten eco-friendly energy companies in America. As of 2010, it has been affiliated with Panda Power Funds. Panda Energy informed its shareholders that it would shut down at the end of 2018.

History

Panda Energy, headquartered in

Dallas, Texas Dallas () is a city in the U.S. state of Texas and the most populous city in the Dallas–Fort Worth metroplex, the List of Texas metropolitan areas, most populous metropolitan area in Texas and the Metropolitan statistical area, fourth-most ...

was founded in 1982 and has financed, constructed and operated large-scale energy facilities both domestically and internationally. The company built the two largest gas-fueled merchant electric generation facilities in the United States totaling 4,400 megawatts of generating capacity; was responsible for the first U.S sponsored, internationally financed run-of-the-river hydroelectric project in the Himalayan nation of

Nepal Nepal, officially the Federal Democratic Republic of Nepal, is a landlocked country in South Asia. It is mainly situated in the Himalayas, but also includes parts of the Indo-Gangetic Plain. It borders the Tibet Autonomous Region of China Ch ...

; and obtained the first U.S. capital markets financing for construction of a power plant in the

People’s Republic of China China, officially the People's Republic of China (PRC), is a country in East Asia. With a population exceeding 1.4 billion, it is the second-most populous country after India, representing 17.4% of the world population. China spans the e ...

. Altogether, the company has raised over U.S. $4.9 billion to develop and build more than 9,000 megawatts of generating capacity. Through a combination of financing, construction and operational activities, Panda Energy is involved in the creative developing, structuring, and financing of complex, capital-intensive energy projects that represent more than 9,000 megawatts of clean gas technology with a total cost of more than $5 billion in financing. Panda Energy designs, builds and in some cases administers power plants, with a focus on renewable energy sources such as agricultural products, ethanol, clean coal, biofuel and hydro. The Carter family have owned a controlling stake in the company ever since, making Panda Energy a

family business A family business is a commercial organization in which decision-making is influenced by multiple generations of a family, related by Consanguinity , blood, marriage or adoption, who has both the ability to influence the vision of the business a ...

. Robert W. Carter has been the chairman of the board and chief executive officer of Panda Energy International Inc. (Panda International), holding company offices as manager of Panda Rosemary, LLC. He serves as the chairman and chief executive officer of Panda Global Energy Company. He has held similar chief executive positions with Panda Energy Corporation ('PEC'), a subsidiary of Panda International and its subsidiaries since he founded PEC in 1982. Carter also is president of Robert Carter Oil & Gas, Inc. (an oil and gas exploration company), which he founded in 1980. From 1978 to 1980, Carter was vice president of oil and gas lease sales for Reserve Energy Corporation (an oil and gas exploration company). From 1974 to 1978, he served as a marketing consultant to Forward Products, Inc. (a petrochemical company). Carter was executive vice president of Blasco Industries (a chemical and textile manufacturer) from 1970 to 1974. He served as a sales representative and sales manager for Olin Mathieson Chemical Corporation (a petrochemical,

pulp and paper company The pulp and paper industry comprises companies that use wood, specifically pulpwood, as raw material and produce pulp, paper, paperboard, and other cellulose-based products. Manufacturing process In the manufacturing process, pulp is introdu ...

) from 1965 to 1970. From 1960 to 1965, he was a sales representative for Inland, Mead Paper Company in Atlanta. He has been the chairman and director of Panda Ethanol Inc. since November 6, 2006. Carter serves as director of Panda Energy International Inc. Carter attended the University of Georgia.

Closure

In 2017, Panda's power plant in

Temple, Texas Temple is a city in Bell County, Texas, United States. As of 2020, the city has a population of 82,073 according to the 2020 United States census, U.S. census. Temple lies in the region referred to as Central Texas and is a principal city in th ...

declared

Chapter 11 bankruptcy Chapter 11 of the United States Bankruptcy Code ( Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, w ...

. On September 6, 2018, Panda chairman Janice Carter sent what she referred to as "this final shareholder letter." The letter states, "Independent power companies can no longer compete in today's power market against government subsidized renewables, such as wind. Panda Energy International, Inc. will officially shut down its operations by the end of the year. Over the past 36 years we have returned approximately 20X money to our initial investors. Panda's current assets have an appraised value of approximately $7.8 Million which it will endeavor to sell to the highest bidder. If a sale is successful, these funds will then be distributed as a dividend to its shareholders." She closes by thanking all shareholders for their support over the years. In 2022, Panda's power plant converted its

to a

Chapter 7 bankruptcy Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the United States. This is in contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of ''re ...

liquidation.

TNA Entertainment, LLC.

In October 2002, Panda Energy purchased a controlling interest (72 %) of the

Nashville, Tennessee Nashville, often known as Music City, is the capital and List of municipalities in Tennessee, most populous city in the U.S. state of Tennessee. It is the county seat, seat of Davidson County, Tennessee, Davidson County in Middle Tennessee, locat ...

-based

professional wrestling promotion A professional wrestling promotion is a company or business that regularly performs shows involving professional wrestling. "Promotion" also describes a role which entails management, advertising and logistics of running a wrestling event. Within ...

Total Nonstop Action Wrestling Total Nonstop Action Wrestling (abbreviated as TNA Wrestling or TNA) is an American professional wrestling promotion based in Nashville, Tennessee. It is a subsidiary of Anthem Sports & Entertainment, a Canadian media company owned by busines ...

from founder and

CEO A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...

Jerry Jarrett Jerry Winston Jarrett (September 4, 1942 – February 14, 2023) was an American businessman, professional wrestling promoter, and professional wrestler. Along with his long-term business partner Jerry Lawler, he was a key figure in the history ...

. The seemingly unlikely acquisition came about after TNA

publicist A publicist is a person whose job is to generate and manage publicity for a company, a brand, or public figure – especially a celebrity – or for work or a project such as a book, film, or album. Publicists are public relations specialists wh ...

Dixie Carter Dixie Virginia Carter (May 25, 1939 – April 10, 2010) was an American actress. She starred as Julia Sugarbaker on the sitcom ''Designing Women'' (1986–1993) and as Randi King on the drama series ''Family Law (American TV series), Family La ...

, the daughter of Robert W. Carter, contacted her father and persuaded him to purchase the company (which was facing

bankruptcy Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the deb ...

after a major financial backer, HealthSouth Corporation, withdrew their support). On October 31, 2002, Panda Energy created the

limited liability company A limited liability company (LLC) is the United States-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of ...

TNA Entertainment in order to administer TNA. While

Jeff Jarrett Jeffrey Leonard Jarrett (born July 14, 1967) is an American professional wrestler and professional wrestling promoter. He is signed to All Elite Wrestling (AEW), where he both wrestles and serves as Director of Business Development. He is also ...

, the former

president President most commonly refers to: *President (corporate title) * President (education), a leader of a college or university *President (government title) President may also refer to: Arts and entertainment Film and television *'' Præsident ...

of TNA, was appointed

vice president A vice president or vice-president, also director in British English, is an officer in government or business who is below the president (chief executive officer) in rank. It can also refer to executive vice presidents, signifying that the vi ...

, the majority of other management positions were filled by former Panda executives. Chris Sobol, the Panda manager of business development, was appointed vice president of operations, and Frank Dickerson (and later Kevin Day) was appointed chief executive officer, while Dixie Carter was made president. On September 16, 2015, it was reported that Jarrett's minority ownership has been bought out, meaning that he is, as of now, 100% divested of the promotion and Panda Energy has full control of it. As of April 18, 2016, it has been reported that, upon Jarrett selling his stake in TNA, Panda Energy completely divested themselves of TNA, resulting in Panda Energy founder Robert Carter and president and chief executive officer Janice Carter's daughter, Dixie, acquiring both Jarrett & Panda Energy's ownership interests, resulting in her becoming owner, as well as continuing as president.

References

External links

*
''Ex-Hockaday girl wrangles wrestlers''

Panda Energy International at Hoovers.com

''Panda to Build Fuel Ethanol Plant in Colorado''Panda Ethanol, Inc. Completes Merger Into Cirracor, Inc.

PandaEnergy.comPandaEthanol.com
{{Impact Wrestling American companies established in 1982 American companies established in 2018 Companies based in Dallas Energy companies of the United States Electric power companies of the United States Alcohol fuel producers Total Nonstop Action Wrestling Companies that filed for Chapter 11 bankruptcy in 2017 Companies that filed for Chapter 7 bankruptcy in 2022 1982 establishments in Texas 2018 disestablishments in Texas