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

Troubled energy firm secures financing from J.P. Morgan and Salomon.
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  • Enron under SEC probe - Oct. 31, 2001
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    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.

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    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

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    Enron under SEC probe - Oct. 31, 2001





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    Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

    Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

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    Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

    Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.

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