Enron Files Plan to Exit Bankruptcy

NEW YORK -- Enron Corp. on Friday filed its plan to emerge from Chapter 11 bankruptcy by packaging its international and pipeline assets as separate companies, Reuters reported.

U.S. Bankruptcy Judge Arthur Gonzalez in New York must approve the plan, which includes several previously announced components such as the spin-offs of its pipeline and international assets.

The company's creditors are owed about $67 billion. According to the reorganization plan, the majority of them will receive between 14.4 cents and 18.3 cents on the dollar.

Enron has no recovery estimate yet, according to a company spokesman. “That will be based on our view of the asset value and of the claims that we're seeing,'' he said. ``A total recovery pool number will probably be filed in a subsequent amendment sometime in August.''

-- NYSSCPA.org News Staff

Posted on 7/11/03