Enron's sale of East Coast Power interest for $28.76 million approved by bankruptcy court

New York, Dec. 19 - Enron Corp.'s sale of its senior participation interest in the subordinated debt of East Coast Power LLC for $28.763 million was approved by the U.S. Bankruptcy Court for the Southern District of New York.

The winning bidder is Special Situations Investing Group Inc.

The approval of the sale follows an auction for the asset on Dec. 16 by Enron North America Corp.

Of the proceeds, $862,890 will be paid to Arctas-Paragon Investments LLC, the stalking horse bidder for East Coast Power.

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