In 1972 a group of electric utilities announced plans to construct Seabrook Station, a nuclear generating facility. In 1988, the lead partner in the venture, Public Service Company of New Hampshire (PSNH), filed for bankruptcy. Examination of the stock price effects of a variety of financial events preceding the bankruptcy filing shows that information about cash flows paid to PSNH security holders affected the common stock prices of PSNH and its Seabrook partners. whereas information about investment and operating cash flows had little or no effect.