Enron unsecured creditors say CrossCountry draws higher bid, want new stalking horse

By Jeff Pines

Washington, June 21 - Enron Corp.'s unsecured creditors' committee said the company's CrossCountry Energy LLC unit has attracted a higher offer and it wants the court to replace Nu-Coastal LLC as the stalking horse bidder.

In a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York, the committee said there is an investment-grade buyer prepared to pay $55 million more in cash than the $2.205 billion NuCoastal is offering. The committee did not name the buyer.

Nucoastal is bidding $1.74 billion in cash along with the assumption of $461 million in liabilities.

Papers requesting NuCoastal to be named the stalking horse bidder were filed with the court in May and a June 24 hearing is scheduled to discuss the $25 million break-up fee.

The competing offer is not conditioned on a break-up fee, the committee said.

Enron, a Houston-based energy company, filed for Chapter 11 on Dec. 2, 2001. Its Chapter 11 case number is 01-16034

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