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Bad Credit Credit Creditres As lawmakers expressed outrage over how the company could collapse so quickly with so little warning, Enron sought protection from some of its creditors in Europe yesterday and allowed traders to dissolve positions through its online unit.

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Bad Consolidation Credit Debt With business a sliver of its level just weeks ago, Enron, once a giant energy trading company, was desperately looking for ways to restructure, most likely in a bankruptcy filing within days.

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Bad Company Credit Repair The ripples were felt from Houston, where edgy employees at the company's headquarters ran a gantlet of photographers and braced themselves for anticipated layoffs, to Brazil and India, where jockeying began over control of Enron properties. Financial companies, trading partners and governments rushed to calculate how much they were owed by Enron and what their losses might be.

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Bad Card Credit Credit Tensions mounted between Enron and Dynegy, which withdrew its offer for the company on Wednesday. Litigation appeared increasingly likely over Dynegy's decision to walk away as well as its plan to take one of Enron's most prized assets, the Northern Natural Gas pipeline, under a previous agreement.

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Bad Car Credit Loan In Washington, lawmakers announced plans to investigate Enron's collapse. Representative Billy Tauzin, the Louisiana Republican who is chairman of the House Energy and Commerce Committee, ordered hearings and an investigation. His Senate counterpart, Jeff Bingaman, Democrat of New Mexico, did the same.

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Bad Credit Loan Mortgage "How a company can sink so far, so fast, is very troubling," Mr. Tauzin said though his spokesman, Ken Johnson. "We need to find out if the company's accounting practices masked severe underlying financial problems." Mr. Johnson said hearings would probably be held by early next year.

Auto Bad Credit Loan Enron, which was the world's largest trader of electricity, natural gas and other commodities, is widely expected to file for bankruptcy-court protection by next week unless creditors force it into court before then. The company says options other than a reorganization under Chapter 11 are being considered, but it did not say what those were. Investors have factored in a bankruptcy filing, pushing Enron's stock, which peaked at $90 last year, down 25 more cents yesterday, to 36 cents.

Bad Credit Mortgage Refinance Moody's Investors Service said that it was considering a downgrade of Dynegy's credit rating because of potential liabilities from litigation with Enron. Shares of Dynegy closed at $33.65, down 8.4 percent, or $3.08.

Bad Credit Refinance "It remains uncertain whether or not the company will face legal challenges from Enron," Moody's said, adding that it "will continue to monitor any potential consequences of the merger termination and any subsequent impact on Dynegy's capital structure and liquidity."

Bad Credit Mortgage Second Just a few weeks ago, Enron's Internet-based trading platform, EnronOnline, was the most powerful force in world energy markets. Other energy traders were wary of making deals without first checking what prices were offered on natural gas and electricity and even on such obscure contractual bets as how hot it would get next summer.

Bad Credit Loan Student EnronOnline offered a warning yesterday on its screens. "While transactions may be available, customers entering into transactions should carefully evaluate their positions and Enron's current credit status before transacting," it said.

Bad Card Credit Traders were exiting contracts with Enron and managing Enron credit exposure. The online unit did about 850 trades yesterday, compared with more than 5,000 daily before the financial crisis that turned Enron into a penny stock and potentially the nation's largest bankruptcy.

Bad Credit Financing In London, the accounting firm PricewaterhouseCoopers was appointed the administrator in the reorganization of Enron's energy trading operations in Europe. Led by banks and energy trading firms, American companies said they might lose more than $1 billion in the wake of Enron's tumble.

Bad Credit Home Loan Mortgage Enron's American advisers, including lawyers from Weil Gotshal & Manges, a leading bankruptcy-law firm, and executives from the Blackstone Group, an investment firm specializing in restructuring, met with Enron creditors to discuss a so- called prepackaged bankruptcy filing, according to executives close to the talks.

Bad Credit Loan People Such a filing, in which creditors and management agree to a restructuring plan in advance, would identify what assets Enron still has that could be used to partly repay lenders and other creditors. One proposal, according to executives close to the talks, was for Enron's lenders to forgive some loans in exchange for a part of its trading portfolio.

Bad Card Credit Credit People Aside from its core energy-trading business, once its most profitable franchise, Enron has a number of tangible assets. Many have had dismal performance of late and have attracted few expressions of interest until now. Others with steadier cash flow serve as collateral on Enron's loans, raising questions about how easily they can be used to satisfy the company's debts.

Bad Credit Guaranteed Loan Enron's most significant businesses include the Northern Natural Gas Company, the Transwestern Pipeline Company, and a 50 percent stake in the Florida Gas Transmission Company all major natural gas pipelines. It also has an indirect stake in the Northern Border Pipeline Company, an interstate pipeline system. It owns the Portland General Electric Company, a local electric utility in Oregon that it has agreed to sell, and a stake in a partnership that trades and transports crude oil.

Bad Credit Refinancing Enron also has big stakes in numerous properties overseas, including a large power plant in India; a water company in Britain; natural gas pipelines in Argentina, Bolivia and Columbia; and power plants in China, Guam and the Philippines.

Bad Credit Equity Home Loan Enron also owns a new business that trades telecommunications bandwidth, or high-speed long-distance capacity, but that investment has produced giant losses as the steep downturn in that industry.

Bad Credit Loan Payday As part of the merger plan, Dynegy invested $1.5 billion in Enron for preferred stock in the Northern Natural Gas pipeline that can be converted into ownership. Dynegy says it now plans to exercise that option.

Bad Credit Repair A person close to Enron asserted yesterday that Dynegy delayed the renegotiation of the merger, and the delay contributed to the deterioration of Enron's core energy-trading business. He also said Dynegy sharply curtailed trading with Enron last week, and that further hurt Enron's business as word leaked to other energy traders.

Bad Credit Home Loan Uk Interviewed yesterday on CNBC, Chuck Watson, Dynegy's chairman, reiterated that Dynegy has a clear right to acquire the pipeline, and he said Dynegy kept trading with Enron until Wednesday, though it had curtailed its exposure to the company.

2nd Bad Credit Mortgage Enron stopped short of saying it would sue Dynegy. But executives close to the company say lawyers have been preparing documents for a possible lawsuit that would seek damages of more than $350 million, the amount of the breakup fee in the merger agreement if either party walked away from the deal for reasons other than a material adverse change in the business. Mr. Watson has said he does not believe either side owes the fee.

Bad Credit Loan Unsecured Around the world yesterday, other energy traders and investors licked their wounds from Enron's collapse. Many traders said they stood to lose $50 million or more from dealings with Enron, and a number of banks disclosed exposures of several hundred million dollars. In New York, the $112 billion state Common Retirement Fund lost roughly $50 million to $60 million from the decline in Enron stock.

Bad Consolidation Credit Loan By Richard A. Oppel Jr. and Andrew Ross Sorkin
New York Times - 11/30/2001

Topic: Petroleum Industry

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