Enron makes $1.745 billion distribution to unsecured, guaranty creditors

By Caroline Salls

Pittsburgh, Oct. 1 - Enron Creditors Recovery Corp. made its 18th distribution to creditors of Enron Creditors Recovery Corp., formerly Enron Corp., and its affiliated debtor companies, with the latest distribution to holders of general unsecured claims and guaranty claims totaling $1.745 billion, according to a news release.

The $1.745 billion distribution included $1.67 billion in cash and $74.8 million in Portland General Electric Co. common stock equivalents.

Since November 2004, Enron said it has returned $13.276 billion to creditors in twice-yearly distributions made in April in October, as well as in catch-up distributions paid on an interim basis every two months.

"Enron Creditors Recovery Corp. is very pleased by the substantial progress we have made to date in returning funds to creditors," president and chairman of the board John Ray III said in the release.

"Our work, however, is not finished, as multi-billion dollar claims against Citigroup and Deutsche Bank AG remain pending.

"The trial on these fraud and bankruptcy claims is set to begin in April 2008 and we are committed to taking all steps necessary to enable Enron Creditors Recovery Corp. to return billions more to our innocent creditors."

Enron said in the release that, beginning with the August "catch-up" distribution, it is now distributing PGE common stock equivalents in the form of cash.

On June 18, the disputed claims reserve overseers sold all 23.66 million shares of PGE common stock held in the reserve for $25.19 per share.

The company said the reserve currently consists of $4.234 billion in cash and $423 million of PGE common stock equivalents priced at the $21.008 per share plan value.

Enron is a Houston-based energy company that emerged from bankruptcy on Nov. 18, 2004.

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