Industry Briefs
With a bid of $55.5 million, a group led by a Houston cardiologist won an auction to buy Enron Corp.‘s headquarters. The 50-story tower in downtown Houston had been owned by a syndicate of banks that included J.P. Morgan Chase & Co., which bought it in the 1990s for $285 million and leased it back to Enron. The company had moved into the building in 1986, according to a spokesman. The building is carried on Houston’s tax rolls for $93 million. The transaction is scheduled to become final Dec. 16, pending approval by the U.S. Bankruptcy Court for the Southern District of New York. Proceeds from the sale will go to the bank syndicate. An adjoining 40-story skyscraper, which was built for Enron and nearly new when the company declared bankruptcy in Dec. 2001,sold for $105 million about a year ago.
El Paso Corp. has netted about $57 million from the sale of its North American nitrogen business to Dyno Nobel. The sale included nitrogen production facilities and associated working capital located in Cheyenne, WY, St. Helens, OR; and Battle Mountain, NV. The sale is part of El Paso’s 2003 five-point business plan, which included exiting non-core businesses.
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