Enron's Quebec Paper Mill About to Be Sold-Source

MONTREAL -- A Quebec City paper mill owned by Enron Corp. is set to be sold to U.S. newsprint mogul Peter Brant for $205 million, an industry source said on Monday, Reuters reported.

Stadacona Papers, one of the largest employers in the provincial capital, had been put up for auction by the bankrupt energy trader as part of a move to repay creditors.

"The deadline for bids is Nov. 3 and an announcement is planned around Nov. 13 at a court hearing," the industry source told Reuters. "Mr. Brant is the lead contender and we are talking about a $205 million deal," the source said. Brant is the chairman and chief executive of Brant-Allen Industries Inc.

The final decision will be made by a judge at the bankruptcy court of the Southern District of New York.

-- NYSSCPA.org News Staff

Posted on 10/28/03