Oscar S. Wyatt, American oilman known for his dealings with Moammar Gadhafi and Saddam Hussein, with a group of investors will buy gas pipelines in North America, owned by bankrupt energy giant Enron, for $2.2 billion, according to Enron's acting chief executive Stephen Cooper.
Mr Wyatt, 79, is part of a group called NuCoastal, which includes Citigroup, ArcLight Capital Partners and Kelso & Co. NuCoastal is paying $1.77 billion and assuming $430 million of debt in the transaction, which is part of Enron's plan to emerge from bankruptcy protection.
Enron chief creditors approved the deal, but they still need the approval of the bankruptcy court in a process that allows other potential buyers to submit superior bids.
Buying Enron?s pipelines, Mr Wyatt and his partners will get control over CrossCountry Energy, an Enron operation company with 1,100 employees and 15,932 km of pipelines, including systems in Arizona, Florida, New Mexico, Oklahoma and West Texas.
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Enron Gas Pipelines To Be Sold
Enron chief creditors approved the deal, but they still need the approval of the bankruptcy court
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