Enron to hold auction on term notes, other assets on July 14

By Jeff Pines

Washington, July 1 - Enron Corp. will hold a July 14 auction in New York for a $5.82 million Joint Energy Development Investments II term note, an Enron North America term note for $5.82 million, revolving notes, a loan agreement and other assets.

The court approved Enron's request for the auction Thursday, according to a filing with the U.S. Bankruptcy Court for the Southern District of New York.

Paragon Boulder LLC is the stalking horse bidder with an $18 million bid.

Competing bids must start at $800,000 more. Following bids must be $200,000 increments.

The break-up fee will be 3% of the sale price.

A July 22 hearing on the results is scheduled.

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

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