Enron Bankruptcy Plan Effective with Pipeline Sale
Enron Corp. on Thursday cancelled its stock, now nearly worthless, and said in a filing with the Securities and Exchange Commission that its court-approved bankruptcy plan has taken effect with the completion of the sale of its largest remaining assets.
On Wednesday, Enron finalized the sale of its $2.11 billion natural gas pipeline business to CCE Holdings Inc., a joint venture of Southern Union Co. and GE Commercial Finance Energy Financial Services (see related story).
The only remaining U.S. physical asset to be sold is Portland General Electric, a deal transaction that is pending to buyout firm Texas Pacific Group . Once that sale is completed, the only remaining vestiges of the former top 10 U.S. company will be several international assets, which also are expected to be sold.
Since it filed for bankruptcy in December 2001, Enron's stock has been traded over the counter on the Pink Sheets Quotation System for pennies. In the months before filing for bankruptcy, Enron's share price climbed as high as $90 a share.
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