Bankrupt

Tractebel is in the process of buying bankrupt Enron Corp.’s proposed LNG terminal in the Bahamas and the associated $132 million Bahamas-to-Broward County, FL, Calypso pipeline project, which would bring the regasified liquefied natural gas to the U.S. pipeline grid. A Tractebel spokeswoman said the deal should be completed by the end of the week following bankruptcy court review on Thursday.

Coho Energy Inc. has completed the sale of all of its oil and gas properties for an aggregate sales price of approximately $222 million in cash. The company sold its properties in two separate transactions to Citation Oil & Gas Corp. and Denbury Resources Inc.

Coho Energy Inc. announced Friday that it has completed the sale of all of its oil and gas properties for an aggregate sales price of approximately $222 million in cash. The company sold its properties in two separate transactions to Citation Oil & Gas Corp. and Denbury Resources Inc.

Bankrupt NewPower Holdings, Inc., parent of The New Power Co., signed an agreement with Vectren Source, a non-regulated subsidiary of Vectren Corp., for the sale of NewPower’s current natural gas customers within the Columbia Gas of Ohio and Dominion East Ohio Gas territories.

Vectren Source, affiliate of Indiana Gas and Southern Indiana Gas & Electric, signed an agreement last week to buy bankrupt NewPower Company’s Ohio natural gas customers within the Columbia Gas of Ohio and Dominion East Ohio Gas territories. Meanwhile, the Vectren’s utility affiliates filed with the Public Utilities Commission of Ohio (PUCO) to allow their residential and small business customers in west central Ohio to begin purchasing their natural gas from alternative suppliers beginning Dec. 1.

In a victory for laid-off employees of bankrupt Enron Corp., U.S. Trustee Carolyn Schwartz informed attorneys for the Severed Enron Employees Coalition (SEEC) on Thursday that she will appoint an “official committee” to focus on their issues. The committee would have basically the same standing as the 15-member Official Committee of Unsecured Creditors set up to oversee Enron’s assets and debts, which could give the former workers a better chance of recovering benefits.

The “new” Enron Corp. will be a smaller company, based on hard assets with predictable revenue and cash flow, its new interim CEO said in his first press conference Wednesday night in Houston. He also was emphatic in talking about what caused the Fortune 100 company to go under so quickly. “I frankly don’t care,” said Stephen Cooper.

In yet another short in the long unraveling wires holding Enron Corp. together, the bankrupt company and UBS Warburg on Monday delayed the official announcement of a transaction that would send Enron’s energy wholesale unit into the hands of the Swiss-based investment banking conglomerate. The transaction, set to be announced first Monday morning and then the afternoon, was instead moved to 11 p.m. EST Monday night.

Nearly 20 of bankrupt Enron Corp.’s creditors have apparently filed motions to delay the scheduled auction of the company’s trading assets this week, but one-time merger partner and creditor Dynegy Corp. will not be one of them, a spokesman said Wednesday. However, even if the auction proceeds as planned, Enron is facing more obstacles on the legal front: 51 subpoenas are expected to be issued Friday by the Senate’s Permanent Subcommittee on Investigations, and in Houston, a judge is considering whether to freeze Enron executives’ assets.