Enron Expects Costs to Top $1 Billion

HOUSTON -- Executives from Enron say its total legal and accounting costs since declaring bankruptcy may top $1 billion by 2006, according to a newspaper report.

The company whose filing led a wave of corporate scandals has already exceeded $500 million in legal and accounting fees since the company filed for reorganization on Dec. 2, 2001.

Even after Enron gains approval for its reorganization plan, the company's budget estimates more than $300 million will be spent -- more than any company has ever spent confirming a Chapter 11 bankruptcy plan, the Houston Chronicle reported in Friday editions.

The bills come from more than three dozen law firms and a handful of accounting and consulting firms.

-- NYSSCPA.org News Staff

Posted on 11/14/03