Judge Tentatively OKs Plan to Revamp Enron
From Associated Press
Enron Corp.’s road map for emerging from bankruptcy protection received a New York judge’s initial blessing and will be sent to creditors for a vote.
The 1,400-page disclosure statement Enron prepared for its more than 24,000 creditors explains how the company imploded in 2001 and how it aims to carry on after emerging from Chapter 11.
The plan proposes paying most creditors about one-fifth of the approximately $66.4 billion they are owed in cash and stock.
U.S. Bankruptcy Judge Arthur Gonzalez addressed creditor objections one by one in a daylong hearing.
He held off on signing the final product, pending a hearing Thursday.
