Enron Corp. closed on Wednesday the $2 billion sale of its most valuable remaining assets...
Enron Corp. closed on Wednesday the $2 billion sale of its most valuable remaining assets, so its plan to emerge from one of the most famous and costly bankruptcies in history became possible.
Enron's sale of its stake in three gas pipelines to CCE Holdings LLC was approved in September by U.S. Bankruptcy Judge Arthur Gonsalez.
Enron hasn?t sold its Pacific Northwest utility yet, Portland General Electric, to a holding company backed by Texas Pacific Group, which also will assume $1.1 billion in debt. If the company will sell Portland General as expected, it has to sell Prisma Energy International Inc., a smattering of pipeline and power assets in 14 foreign countries, mostly in Latin America.
Once the Portland General sale closes and outstanding claims are resolved, Enron can begin distributing about $12 billion to creditors - 92 percent in cash and 8 percent in Prisma stock.
Enron spokeswoman Jennifer Lowney said distributions aren't expected to begin until mid-2005.
