Enron to Get Cash From Scottish Bank
From Associated Press
Enron Corp. struck its first deal with one of 10 financial institutions it claims could have prevented the energy trader’s collapse. The agreement with Royal Bank of Scotland would give Enron a net of $21.8 million.
The Edinburgh-based bank agreed to make a $41.8-million cash payment to resolve Enron’s claims. Enron agreed to pay the bank $20 million in cash to settle the bank’s claim that Enron owed it $329 million in fees.
The bank agreed to forfeit rights to any further claims in Enron’s bankruptcy.
The agreement requires approval by a U.S. Bankruptcy Court judge.
