Enron to Sell Portland General for $1.25 Billion
Enron Corp., the world’s largest energy trader before filing for bankruptcy protection in December 2001, agreed to sell its Portland General Electric utility in Oregon to a new company backed by U.S. buyout firm Texas Pacific Group for $1.25 billion in cash.
The buyer, Oregon Electric Utility Co., will assume $1.1 billion in debt and acquire some preferred stock, an Enron spokesman said. Proceeds from the sale of Oregon’s largest utility will be used to help pay Enron’s creditors, who are owed more than $67 billion.
Enron’s committee of unsecured creditors supports the sale. San Francisco-based Texas Pacific was founded in 1993 by former civil rights lawyer David Bonderman.
The sale is subject to better offers at auction and requires approval by the U.S. Bankruptcy Court.
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