Enron Corp.’s plan to emerge from bankruptcy was approved Thursday morning by the U.S. Bankruptcy Court of the Southern District of New York. Assuming the previously announced sales of Portland General Electric (PGE) and CrossCountry Energy are completed, Enron will no longer be U.S.-focused; creditors will receive a combination of cash and equity in Prisma Energy International, Enron’s worldwide natural gas pipeline and power generation business.
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Enron Creditors Vote to Approve Chapter 11 Plan
Enron Corp. said a vote of its creditors on the plan for the corporation and its affiliates to emerge from Chapter 11 bankruptcy was overwhelmingly favorable. The company filed the certification of the creditors’ vote with the U.S. Bankruptcy Court Thursday.
Enron Reorganization Plan May be Unraveling
An agreement reached in July to help Enron Corp. emerge from bankruptcy apparently is unraveling and could fall apart following disputes among the three parties that put together the original compromise.
Enron Reorganization Plan May be Unraveling
An agreement reached in July to help Enron Corp. emerge from bankruptcy apparently is unraveling and could fall apart following disputes among the three parties that put together the original compromise.
Duke COO: Energy Merchant Business Will Re-emerge
Duke Energy pulled out of proprietary energy trading, closed two North American trading offices and has completely made over the business plan of its unregulated business unit. However, Duke is keeping its options open in the energy merchant sector, because even though “the current opportunities are not that great, when they are, we want to be in a position to react,” the COO said last week.
Duke COO: Energy Merchant Business Will Re-emerge
Duke Energy pulled out of proprietary energy trading, closed two North American trading offices and has completely made over the business plan of its unregulated business unit. However, Duke is keeping its options open in the energy merchant sector, because even though “the current opportunities are not that great, when they are, we want to be in a position to react,” the COO said Tuesday.
S&P Opines a Reorganized PG&E Possibly Would Receive an Investment Grade Rating
Four separate Pacific Gas & Electric Co. (PG&E) entities could emerge from bankruptcy with BBB- ratings if all goes well with the company’s reorganization plan, Standard & Poor’s said Thursday. That means the bankruptcy court would have to approve the company’s plan to split itself into four units, and it would have to pass regulatory muster, meet certain financial conditions and be implemented within the expected time frame.
CA Reregulation Proposals Include Gas Price Indexes
As part of a package of proposed legislation that is expected to emerge by the end of the month, California’s leading legislator examining wholesale energy market participants indicated on Tuesday that legislation will be introduced related to published natural gas prices in trade publications that compile indexes used by regulators and market participants. The new law could preclude state regulators from using the price indexes for setting electricity rates.
CA Reregulation Proposals Include Gas Price Indexes
As part of a package of proposed legislation that is expected to emerge by the end of the month, California’s leading legislator examining wholesale energy market participants indicated on Tuesday that legislation will be introduced related to published natural gas prices in trade publications that compile indexes used by regulators and market participants. The new law could preclude state regulators from using the price indexes for setting electricity rates.
Dynegy Exits Trading, But Other Names Emerge
What a difference a year makes. As if anyone wanted to be reminded, it was Oct. 16, 2001 when Enron Corp. released its third-quarter earnings, boasting of continued growth, despite a billion-dollar write-off. Within weeks, that incidental write-off that was barely discussed during a conference call with analysts by then-CEO Ken Lay, eventually would erase the entire company (see NGI, Oct. 22, 2001). Fast forward to one year later, and despite its disappearance, Enron’s once mighty shadow continues to darken the marketplace.