UBS Warburg Wins Enron's Trading Operations
UBS Warburg has been selected by Enron and approved by its Creditors Committee as the successful bidder for Enron's North American wholesale electricity and natural gas trading business. The transaction is subject to Bankruptcy Court approval.
"UBS Warburg is excited by the prospect of reestablishing this technology-based trading business," said John P. Costas, chief executive officer of UBS Warburg. "It will be a valuable extension of our worldwide trading activities, which are noted for providing market leadership and superb client service."
Terms of the proposed transaction call for Enron to retain a residual interest in the income of the business. UBS Warburg will assume none of Enron's past, current or future liabilities or trading positions.