|
Enron judge OKs UBS buy
|
 |
January 18, 2002: 8:50 p.m. ET
Bankruptcy court judge approves sale of energy trading unit to UBS Warburg.
|
NEW YORK (CNN/Money) - Saying it's in the best interest of both creditors and debtors, a bankruptcy court judge approved the sale of Enron's trading unit to UBS Warburg late Friday.
Throughout the day, the judge listened to arguments from Enron creditors who were trying to ensure they would not lose out on future proceeds. Enron's investment bankers argued the longer the delay, the less the trading assets are worth.
UBS Warburg will pay nothing to Enron for the energy trading business that was Enron's flagship division during its heyday. Nor will it take on any of Enron's substantial debt. Instead, it will give a third of the division's future profits to Enron and the bankrupt company's creditors.
UBS was selected as the successful bidder for Enron Corp's North American wholesale electricity and natural gas trading business -- its core operations -- last week, after the U.S. company filed for Chapter 11 bankruptcy protection in December. 
|
|
|
|
|
|
|
