Enron to Turn Over Some Furniture to GE

NEW YORK -- A bankruptcy court judge Thursday approved a deal that ensures that there will be still be chairs to sit on at Enron Corp.'s Houston headquarters, The Associated Press reported.

Enron agreed to turn over half of the building's furniture, which isn't used by its reduced staff, to General Electric Co. unit GE Capital Corp., which financed the furnishings.

GE Capital had wanted all the furniture to be sold or turned over to it. This furniture for executive offices, conference rooms and workstations was worth $14.2 million in 2001, according to Enron's financing agreement.

The settlement also resolves the objection of several Texas taxing authorities, which have a $2.4 million lien on the Enron Center North furniture. Under the agreement, GE, not Enron, will pay off that lien.

-- NYSSCPA.org News Staff

Posted on 7/25/03