Enron, Houston Astros Reach Agreement on Naming Rights
HOUSTON, Feb. 27 /PRNewswire-FirstCall/ -- Enron Corp. (OTC: ENRNQ - news) announced today that it has reached an agreement on the terms of a settlement regarding the naming rights contract between Enron and the Houston Astros Baseball Club.
``We are pleased to have resolved this issue with the Astros with a deal that is beneficial to all parties, including Enron's creditors and the City of Houston,'' said Jeff McMahon, president and chief operating officer. ``Additionally, this agreement allows the Astros to move forward in securing a new sponsor for their state-of-the-art ballpark and world-class baseball organization.''
Under the terms of the settlement, the Astros have agreed to pay the estate the sum of $2.1 million and release Enron from all obligations under the contract. As a result, the Astros have the right to immediately negotiate a naming rights agreement with a new partner.
While both parties have agreed to the terms of the settlement, the United States Bankruptcy Court for the Southern District of New York must review and approve the terms of the settlement before it becomes final.
Enron Corp. delivers energy, physical commodities and other energy services to customers around the world. Enron's Internet address is www.enron.com