Enron's CrossCountry auction set for Sept. 1

By Jeff Pines

Washington, June 29 - Enron Corp. will hold an auction for its CrossCountry LLC subsidiary on Sept. 1 in Houston, according to a Monday filing with the U.S. Bankruptcy Court for the Southern District of New York.

Initial bids must be at least $10 million more than CCE Holdings, LLC's stalking horse bid of $2.35 billion. After that, bidding must be in $5 million increments.

A court hearing to approve the winning bid is scheduled for Sept. 9.

CrossCountry holds Enron's natural gas pipeline assets.

CCE, a joint venture of Southern Union and GE Commercial Finance Energy Financial Services, bested Nu-Coastal LLC for the stalking horse position after it topped Nu-Coastal's $2.3056 billion offer.

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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