Enron Reorganization Plan Hearing Delayed

HOUSTON -- Enron Corp. has received a fifth postponement to present a judge with its plan to emerge from one of the most complex and costly bankruptcies in history, The Associated Press reported.

A filing made Wednesday in the bankruptcy case in New York said Houston-based Enron filed a third revision to its proposed reorganization plan and will present it to U.S. Bankruptcy Judge Arthur Gonzalez for preliminary approval on Jan. 6. The latest version of the plan was to be presented to Gonzalez on Monday.

The original reorganization plan was filed in July, and has had two minor revisions as the list of about 24,000 creditors continues to be whittled down. The plan still proposes paying most creditors about one-fifth of the approximate $66.4 billion they are owed.

Delays in securing Gonzalez's preliminary approval came after Harrison Goldin, a court-appointed examiner overseeing interests of creditors of Enron's once-envied trading unit, Enron North America, said in mid-November that consensus supporting Enron's plan was "rapidly eroding" among the group under his watch.

-- NYSSCPA.org News Staff

Posted on 12/18/03