The federal judge overseeing Enron Corp.’s bankruptcy case has given the Houston-based company a fourth and final deadline of June 30 to file a reorganization plan.

“The time has come for all parties willing to resolve their disputes to do so now,” said U.S. Bankruptcy Judge Arthur Gonzalez in New York City on Tuesday. Gonzalez added that no further extensions would be given.

Enron has apparently prepared a plan, which would divide up the cash from its asset sales and divestitures, but sources said the former energy merchant has been working behind the scenes with its creditors to win a consensus before officially filing it with the court. Without approval by the creditors, they could separately file their own reorganization plan, which would undoubtedly delay the court proceedings.

Harrison Goldin, an examiner appointed by the court to monitor the interests of Enron North America’s creditors, told the court that he plans to issue a report indicating creditors’ reactions within 45 days of reviewing the issued plan. Goldin said that Enron and the creditors committee should not expect their plan to be approved without a complete review.

Enron “clearly…anticipates some level of activity after filing,” said Goldin attorney Arthur Steinberg. “I think it is contemplated that there will be further creditor input.” However, Luc Despins, a lawyer for the official creditors committee, told the court that he expected little negotiation after the plan is finally filed.

Even if the bankruptcy plan is filed by the June 30 date and approved by the various creditors, debt reclamation is many months or even years away. Enron has begun the process of vetting more than 26,000 claims, but only after the reorganization is completed can creditors begin to collect on any of their debts.

In related news, JP Morgan Chase reportedly is in negotiations to settle with the Securities and Exchange Commission (SEC) regarding its relationship with bankrupt Enron Corp. The banking firm faces several class action lawsuits because of its dealings with Enron, and has set about $600 million in reserves aside.

JP Morgan received a Wells notice from the SEC in April that indicated the agency may take action against it, said CEO William Harrison. He was speaking at a financial services conference when he made the statement, but he offered no timeline as to when the company anticipated resolving the SEC complaint.

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