Southern Union/GE venture wins bidding for Enron's CrossCountry at $2.45 billion

New York, Sept. 1 - Enron Corp. said that the joint venture of Southern Union Co. and GE Commercial Finance Energy Financial Services won the auction for its CrossCountry Energy, LLC unit with a bid of $2.45 billion, including the assumption of debt.

The price was $100 million better than the initial offer, Enron said.

The joint venture, called CCE Holdings, LLC, had already been chosen as the stalking horse in the auction.

CrossCountry holds Enron's natural gas pipeline assets with 9,700 miles of pipeline and 1,100 employees.

"This transaction represents a tremendous outcome for Enron's creditors," said Stephen F. Cooper, Enron's interim chief executive officer, in a news release. "The purchase price reflects the quality of these assets and opportunities presented by these high-performing businesses."

The sale is subject to approval by the U.S. Bankruptcy Court for the Southern District of New York in a hearing scheduled for Sept. 9.

The sale is expected to close by mid-December.

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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