Enron enters agreement to settle Barclays portion of bankruptcy litigation

By Caroline Salls

Pittsburgh, Nov. 3 - Enron Corp. reached an agreement with Barclays plc under which Barclays will pay Enron $144 million in cash and Enron will allow Barclays' $310 million claim to settle Barclays' portion of the Enron bankruptcy litigation, according to an Enron news release.

"The Barclays agreement is the ninth settlement reached with the financial institutions," Enron board chairman John J. Ray III said in the release.

"Today's announcement reflects our determination to resolve the litigation and continue to deliver value to creditors as quickly as possible, and reflects the lesser role played by Barclays relative to others involved in the litigation."

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

Financial institutions yet to settle with Enron include Citigroup Inc. and Deutsche Bank AG.

Enron is a Houston-based energy company that emerged from bankruptcy on Nov. 18, 2004.

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