Enron examiner supports extension of exclusive period to July 31

By Jeff Pines

Washington, May 4 - Enron North America Corp.'s examiner supports an extension of the company's exclusivity period to solicit votes to July 31. The solicitation period was supposed to have ended April 30.

Without the extension, others could file competing reorganization plans.

In his report filed with the U.S. Bankruptcy Court for the Southern District of New York, Harrison Goldin, the examiner, said the size and complexity of this case is "exceptional."

He notes that with exhibits the disclosure statement contains more than 1,000 pages, the plan itself is more than 100 pages, the plan supplement contains more than 30 documents and there are more than 100 objections to the confirmation.

Many of the objections Goldin characterized as "technical or parochial in nature." But some creditors objected to the Houston-based energy company transferring the value of some its assets to Enron North America, and there are some who believe they would get a better recovery if Enron North America was liquidated.

Goldin supports the June 3 confirmation hearing date though he admits Enron Corp. could ask to delay the confirmation hearing so it could work on resolving more of the objections.

The court appointed Goldin on March 12, 2002.

The hearing on extending the solicitation period is scheduled for May 6.

The company filed for bankruptcy on Dec. 2, 2001. Its Chapter 11 case number is 01-16034.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.