Energy Industry
Industry: Email Alert RSS FeedEOTT Seeks to Sever Enron Ties, Recover After Bankruptcy
Oil Daily, The, October, 2002
EOTT Seeks to Sever Enron Ties, Recover After Bankruptcy Filing
Crude oil marketer and transporter EOTT Energy Partners, an affiliate of Enron, filed for bankruptcy protection on Wednesday, but said it plans to reorganize and emerge from bankruptcy by early 2003 after severing its ties with the disgraced energy trader.
The Houston-based company filed a voluntary Chapter 11 petition with the US Bankruptcy Court in Corpus Christi, Texas, after drawing up a reorganization plan that it says is supported by EOTT's lenders, a majority of its bondholders, and Enron.
The plan, which requires court approval, will cut the company's debt and restructure its finances with a view to reviving EOTT's fortunes, which took a plunge after Enron collapsed late last...
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