HOUSTON, Sept. 18, 2003 -- Enron Corp. filed an amended Joint Chapter 11 Plan and related disclosure statement with the U.S. Bankruptcy Court Thursday.
The disclosure statement includes revised estimated recovery percentages, before potential recoveries from litigation, for more than 350 classes of creditors. The estimated recoveries for unsecured claims against the three top debtors are: Enron Corp., 16.6 percent; Enron North America, 19.5 percent; and Enron Power Marketing, Inc., 22.5 percent.
"We're pleased that we are continuing to generate support for this plan, which maximizes recovery for our stakeholders," said Stephen F. Cooper, Enron's acting CEO and chief restructuring officer. "This widespread support will help expedite this very complicated bankruptcy process."
The amended plan also includes financial projections for the three going-forward businesses that will ultimately be separated from the bankruptcy proceedings: CrossCountry Energy, Prisma Energy International, and Portland General Electric (PGE). If PGE is not sold, the Plan provides for the distribution of PGE common stock to creditors. A break-up of PGE is not an option under the Plan.
The Plan covers Enron's 178 debtor entities and must be approved by 50 percent of the creditors and two-thirds of the dollar amount of claims in at least one creditor class for each of the debtors.
The Bankruptcy Court is expected to hold a hearing on the disclosure statement in late October.
The amended Plan and accompanying disclosure statement can be viewed at http://www.enron.com/corp/pressroom/releases/2003/ene/091803rel.html.
Enron's Internet address is www.enron.com.