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ENERGY
Enron collapse almost complete
The energy trader will likely file for Chap. 11 soon, but former suitor Dynegy warned that won't stop it from buying Enron pipelines. Dynegy bought $1.5 bil of preferred stock in the pipelines as collateral for emergency cash. Enron will almost certainly fight the cut-rate sale, but Dynegy expected to be in court over the aborted merger anyway, analysts said. Enron fell another 0.10, or 28% to 0.26. Dynegy fell 10% to 30.35. Related story on A13
Enron fired 1,100 London workers, keeping 250 to help wind down the business. Massive cuts are expected Monday.
Congress will probe Enron's accounting methods and the impact the firm's fall might have on electricity and natural-gas markets.
Enron's rapid collapse could cost U.S. insurers $3 bil or more, analysts said. John Hancock might face the largest loss.
SCE, creditor talks break down