Enron files amended plan; increased recoveries to 16.6 % to 22.5%

By Carlise Newman

Chicago, Sept. 18 - Enron Corp. filed an amended Chapter 11 reorganization plan and related disclosure statement with the U.S. Bankruptcy Court.

The plan increased estimated recoveries for unsecured claims against the three top debtors to 16.6% for Enron Corp., 19.5% for Enron North America and 22.5% for Enron Power Marketing, Inc.

The previous recoveries were 1.4% for Enron Corp., 18.3% for Enron North America and 21.3% for Enron Power Marketing, Inc.

The amended plan also includes financial projections for the three going-forward businesses that will be separated from the bankruptcy proceedings: CrossCountry Energy; Prisma Energy International; and Portland General Electric. If Portland General is not sold, the plan provides for the distribution of its common stock to creditors.

A break-up of Portland is not an option under the Plan.

The plan covers Enron's 178 debtor entities and must be approved by 50% of the creditors and two-thirds of the dollar amount of claims in at least one creditor class for each of the debtors.

The court is expected to hold a hearing on the disclosure statement in late October.

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