graphic
graphic  
graphic
News > Companies
graphic
Enron gets $1B financing
graphic November 1, 2001: 11:25 a.m. ET

Troubled energy firm secures financing from J.P. Morgan and Salomon.
graphic
graphic graphic
graphic
graphic
graphic       graphic
  • Enron under SEC probe - Oct. 31, 2001
  •  
    graphic
    NEW YORK (CNNmoney) - Enron Corp. secured $1 billion in financing Thursday from J.P. Morgan and Salomon Smith Barney.

    The troubled energy company is using its assets, Northern Natural Gas Co. and Transwestern Pipeline Co., to support the credit lines. The financing will supplement short-term liquidity and refinance maturing obligations, the company said.

    The commitments are subject to customary terms and conditions, including final due diligence.

    "This is yet another step in our efforts to enhance market and investor confidence," Enron Chief Financial Officer Jeffrey McMahon said. "We are moving aggressively to strengthen our balance sheet and maintain our investment grade credit rating."

    While rebounding Wednesday, shares of Enron (ENE: down $1.03 to $12.87, Research, Estimates)  plunged a further 11 percent late Thursday morning.

    graphic  
    The additional funds come a day after Houston-based Enron revealed that it is under formal investigation by the Securities and Exchange Commission.

    Last week, Enron replaced its  then-chief financial officer, Andrew Fastow, who has been linked to transactions involving two partnerships organized by Fastow. graphic

      RELATED STORIES

    Enron under SEC probe - Oct. 31, 2001





      graphic


    Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.
    Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.
    graphic