Enron Australia appoints administrator, seeks buyer.

Australasian Business Intelligence, December, 2001

Dec 4, 2001 (The Canberra Times

ABIX via COMTEX) -- Sims Lockwood's Tony Sims and Neil Singleton have been appointed voluntary administrators of Enron Australia, says MD Paul Quilkey. The company had suspended operations a week ago. The move comes after Enron's parent Enron Corporation in the US sought bankruptcy protection. Quilkey, who describes the Australian operation as "a good success story", says the appointment of administrators is designed to protect the company while a buyer is found. He says that even though the Australian arm is profitable, it requires the support of its parent to stay viable. Australian banks are believed to be holding $A675m worth of bad debts in the event of the American parent's bankruptcy.

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