The once Titanic-like TXU Corp. was bailing water at a furious pace Monday morning, after a devastating collision with European power markets. By 9 a.m., it had squeezed 80% from its once untouchable quarterly dividend, and cast adrift its European subsidiaries, sinking a plan to infuse $700 million in equity in operations, eliminating them from a cross-default provision on its $500 million bank facility and ultimately deciding that “all portions” of the European business are up for sale.
Bailing
Articles from Bailing
Enron Bails Out of El Paso Block II Contract
Enron North America Corp. has formally notified El Paso NaturalGas that it is bailing out of its Block II capacity agreement forabout 600 MMcf/d of firm capacity because it asserts the conditionsoriginally spelled out in its contract with the pipeline “have notbeen satisfactorily completed.”
February 3, 2000
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