Enron Corp.’s substantial natural gas pipeline assets are one step closer to becoming the property of CCE Holdings LLC, after the bankruptcy court overseeing Enron’s case approved the transaction on Friday. CCE Holdings is a joint venture between Southern Union Co. and GE Commercial Finance’s Energy Financial Services.

Enron and its Official Committee of Unsecured Creditors approved the sale to CCE Holdings through a court auction earlier this month (see Daily GPI, Sept. 3).

The ownership exchange was approved by the U.S. Bankruptcy Court for the Southern District of New York, which issued a Final Sale Order for the purchase agreement. The total transaction is valued at $2.45 billion, including the assumption of consolidated debt. The acquisition still is subject to some approvals and other closing conditions, but it should be final in mid-December.

“We are happy to have finally reached the end of the auction process,” said Thomas F. Karam, Southern Union’s COO. “Now the real effort begins as we work to close and then successfully integrate the acquisition. We very much look forward to working with the CrossCountry team to operate these superior assets. We are equally delighted to have such a strong equity partner as GE Commercial Finance.”

CrossCountry holds interests in and operates Transwestern Pipeline Co., Citrus Corp. and Northern Plains Natural Gas Co., which make up Enron’s North American interstate natural gas pipeline system. The pipeline system owned or operated by CrossCountry is comprised of approximately 9,700 miles of pipeline and approximately 8.6 Bcf/d of natural gas capacity.

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