Rediff Logo
Money
Line
Channels: Astrology | Broadband | Contests | E-cards | Money | Movies | Romance | Search | Women
Partner Channels: Auctions | Health | Home & Decor | IT Education | Jobs | Matrimonial | Travel
Line
Home > Money > PTI > Report
December 16, 2001
Feedback  
  Money Matters

 -  'Investment
 -  Business Headlines
 -  Corporate Headlines
 -  Business Special
 -  Columns
 -  IPO Center
 -  Message Boards
 -  Mutual Funds
 -  Personal Finance
 -  Stocks
 -  Tutorials
 -  Search rediff

    
      


 Earn From
 Insurance


 Click Here to get
 minimum
 guaranteed 6%*
 returns on your
 premiums


  Call India
   Direct Service

  Save upto 60% over
    AT&T, MCI
  Rates 29.9/min
   Select Cities



   Prepaid Cards

  Mumbai 24/min
  Chennai 33/min
  Other Cities




 India Abroad
Weekly Newspaper

  In-depth news

  Community Focus

  16 Page Magazine
For 4 free issues
Click here!

 
 Search the Internet
         Tips
 Sites: Finance, Investment
E-Mail this report to a friend
Print this page Best Printed on  HP Laserjets

Enron seeks auction to raise funds

Beleaguered energy trader Enron Corp has sought emergency help through auction of its assets.

To salvage the remains of what once was the nation's largest energy trading business, it has asked Federal Bankruptcy Judge Jon Kyle Cartwright to hold a December 18 hearing to approve auction procedures and set January 11 for a sale date to the highest bidder, Bloomberg News said.

Trading generated about 90 per cent of the $101 billion in revenue last year for Enron.

"An auction," said an energy analyst for Raymond James & Associates Inc, "is a good and logical idea. There had been some concern they would try to resurrect it, but no one wants to trade with Enron."

Fourteen companies are considering offers, said Martin Binenstock, Enron's bankruptcy attorney. "We have so many interested parties we are going to let them all make bids."

Enron said last week that it plans to sell a majority of its trading business, as well as its water and foreign power assets, to reorganize as a much smaller company with operations in energy development, generation and exploration.

Enron said it 'believes it unlikely that (the company) will be able to successfully maintain its wholesale business and its workforce without the credible support of a substantial financial institution'.

Congress, the United States securities and exchange commission, the justice department and the labour department are looking into various aspects of Enron's collapse, particularly the company's use of complex partnerships to obscure large amounts of debt and losses.

More reports on the Enron saga

Back to top
(c) Copyright 2000 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.

Tell us what you think of this report

ADVERTISEMENT