Enron Receives Approval to Sell Two Assets
A judge approved Enron Corp.'s $310 million sale of two assets on Friday. Enron is trying to reorganize within Chapter 11 bankruptcy protection.
Enron Wind Development Corp. will sell two newly completed wind power generating plants in West Texas, Indian Mesa and Clear Sky, for $175 million to integrated utility American Electric Power Co. Inc.
Enron Canada Power Corp. has agreed to sell its interest in electricity generated by the Sundance power generation plant in Alberta, Canada for C$215 million ($135 million) to a partnership of of AltaGas Services Inc. and the TransCanada Energy unit of TransCanada PipeLines Ltd.
Enron noted in court papers, filed on Dec. 21, that only 23 of its 3,500 units are part of the bankruptcy filing and that offers continue to come in for non-debtor assets. They include turbines, power plant projects, emission credits issued by California air districts and oil and gas exploration and development interests.
Other sales still being negotiated by Enron include those of Enron LNG Power Atlantic Ltd. to an undisclosed buyer for $266 million and of Enron Oil & Gas India Ltd. to British oil and gas producer BG Group Plc. for $388 million, according to court filings.