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Enron Wins Judge's Approval to Auction Trading Unit (Update2)
By Jeff St.Onge
New York, Dec. 19 (Bloomberg) -- Enron Corp. won a judge's approval to hold a January auction for a controlling stake in what remains of the energy trading business that was once the industry leader.
Internet-based trading generated about 90 percent of Houston- based Enron's
$101 billion in revenue last year. A company attorney told U.S. Bankruptcy
Judge Arthur J. Gonzalez in Manhattan that Enron is concerned key
employees would walk out on the company if the sale isn't approved in the
next several weeks.
The people who do Enron's energy trading are by far the most important piece
of ``what is one of the hallmarks of Enron'' Martin Bienenstock, Enron's
bankruptcy lawyer, told Gonzlalez at a hearing. ``They are as close as you
can get to owning a toll-booth or a money tree.''
Speaking to a courtroom packed with about 100 attorneys, Gonzalez said he'll
sign an order approving the sale procedures tonight. The deadline for bids is
Jan. 7, with the auction following three days later. A hearing to approve the
sale to the highest bidder is scheduled for Jan. 11.
`Serious Interest'
The proposed sale includes the Enron employees in the business and
physical assets, like real estate and software. It doesn't include existing
trading contracts valued around $5 billion to $7 billion, Bienenstock told
Gonzalez.
Bienenstock said 14 companies are considering offers for the business, which
buys and sells oil, petroleum products, natural gas, electricity, metals, coal,
forest products, steel and a variety of contracts and derivatives. ``There are
several parties who have expressed serious interest,'' he said.
Citigroup Inc., J.P. Morgan Chase & Co. and UBS AG, all Enron creditors, are
interested in bidding, people familiar with the matter have said.
Enron has secured a $1.5 billion bankruptcy credit line to help keep it afloat
while it tries to sell off assets and reorganize as a scaled-down energy
company. The secured financing is being arranged by banks led by J.P.
Morgan and Citigroup, which are also members of a committee appointed to
represent unsecured creditors in the case.
Netco
Terms of the credit line provide for creation of a new Enron unit to take a
controlling stake in the trading business. The unit, a partnership called Netco
in court papers, is an acronym for New Energy Trading Co.
Enron would receive cash and a 49 percent stake in Netco under the terms of
the transaction contemplated.
``This is not a classic sale for cash,'' Bienenstock told Gonzalez. The ``basic
concept'' is bidders can vary their offers with bids based on what part of the
business is left for Enron.
Enron may soon have a so-called ``stalking horse'' offer to take to the auction,
Bienenstock said. In that event, Enron would seek court approval for a
break-up fee payable to the suitor if a higher bid were ultimately accepted.
Enron sought Chapter 11 protection from creditors earlier this month, in the
largest bankruptcy filing ever. The company sought refuge in bankruptcy court
after Dynegy Inc. withdrew a $23 billion rescue in late November.
Enron shares, which began the year at $83.13, fell less than a cent to 44
cents.
MfG
Star Ikone
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