Enron sells wind assets to GE - Feb. 20, 2002

Home

News

	companies
	company research
	deals
	M&A databank
	Top 25 Deals
	economy
	financial news in brief
	industry watch
	international

Markets & Stocks

Personal Finance

Track your stocks

  CNN on TV
  Watch CNN video
  Buy show videos

Services

CNN.com

CNNSI.com

MONEY Magazine
Customer Service

  E-MAIL
  NEWSLETTERS
  sign up!

  MOBILE NEWS
  •AvantGo
  sign up!

News > Deals

Enron sells wind turbine unit
Enron Wind to file Chapter 11 reorganization after unit's sale to GE.
February 20, 2002: 12:50 p.m. ET

NEW YORK (CNN/Money) - Enron Corp., the bankrupt energy trader, agreed Wednesday to sell its wind turbine manufacturing assets to General Electric Co.

GE's power systems business will buy the global wind turbine manufacturing and marketing operations of Enron Wind. However, the transaction does not include Enron-owned or -operated wind farms and GE (GE: down $0.09 to $36.31, Research, Estimates) will continue to provide operational support for those facilities, Enron said.

Financial terms were not disclosed. The transaction is expected to close in the second quarter.

"The proceeds of this sale will help to repay our creditors," Enron Global Services Chairman and CEO Stanley Horton said. "I am confident that the wind company will be a good business for GE."

Enron Wind also will file a voluntary petition for Chapter 11 reorganization in U.S. Bankruptcy Court for the Southern District of New York.

Houston-based Enron filed the largest bankruptcy in United States history last December. It then sold its trading unit to UBS Warburg in January.

© 2008 Cable News Network. A Time Warner Company. All Rights Reserved. Terms under which this service is provided to you. Privacy Policy

Live Quotes automatically refresh, but individual equities are delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET.
* : Time reflects local markets trading time. † - Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Disclaimer

Copyright © 2008 BigCharts.com Inc. All rights reserved. Please see our Terms of Use.
MarketWatch, the MarketWatch logo, and BigCharts are registered trademarks of MarketWatch, Inc.
Intraday data provided by Interactive Data Real-Time Services and subject to the Terms of Use.
Intraday data is at least 20-minutes delayed. All times are ET.
Historical, current end-of-day data, and splits data provided by Interactive Data Pricing and Reference Data.
Fundamental data provided by Morningstar, Inc..
SEC Filings data provided by Edgar Online Inc..
Earnings data provided by FactSet CallStreet, LLC.