Enron subsidiaries get El Paso promissory notes for $215 million

By Jeff Pines

Washington, Oct. 20 - Two subsidiaries of Enron Corp. will get $215 million in promissory notes as part of a swap settlement agreement, Enron reported in a Wednesday filing with the Securities and Exchange Commission.

The settlement is subject to approval by the U.S. Bankruptcy Court for the Southern District of New York.

East Coast Power Holdings and ECTMI Trutta Holdings LP, the Enron units, will get a $117 million note, and ECTMI Trutta will get a $98 million note.

The annual interest rate on the notes is 6.5% payable quarterly, with the first installment due Nov. 15. The notes mature on Aug. 15, 2005.

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

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