Payment OKd to Enron Workers, Creditors
From Associated Press
A Manhattan bankruptcy judge authorized the committee representing Enron Corp. employees to collect some of an estimated $53 million in accelerated deferred compensation payments set aside for certain executives on the eve of the company’s bankruptcy filing, lawyers said.
New York U.S. Bankruptcy Court Judge Arthur Gonzalez approved a settlement reached by Enron’s current management, the unsecured creditors’ committee and the employee committee over the issue, according to lawyers for the employees.
Houston-based Enron, which filed for bankruptcy protection in New York in December 2001 as it descended into an accounting scandal, did not have an immediate reaction to the ruling.
