Enron makes $4.676 billion cash, PGE shares distribution to creditors

By Caroline Salls

Pittsburgh, April 3 - Enron Corp. made a $4.676 billion distribution to creditors, consisting of $4.108 billion in cash and $568 million in shares of Portland General Electric Co. stock, according to a company news release.

Since November 2004, Enron said it has returned $5.83 billion to creditors in twice-yearly distributions, in April and November, as well as in "catch-up" claims paid on an interim basis every two months.

"Today's distribution is the most significant amount recovered to date and represents a tremendous financial outcome for the Enron estate," president and chairman of the board John Ray said in the release.

According to the release, this most recent distribution included 27.04 million shares of PGE, or about 43% of PGE's 62.5 million outstanding shares.

The remaining PGE shares will be held by the disputed claims reserve, which is not affiliated with Enron, for future distribution by the bankruptcy court to Enron creditors under Enron's plan of reorganization.

The disputed claims reserve currently consists of $4.69 billion in cash and $745 million in PGE share value.

Enron is a Houston-based energy company that emerged from bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York on Nov. 18, 2004.

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