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EOG says shares backing mandatory exchangeable to be sold
New York, July 24 - EOG Resources, Inc. said the judge in Enron Corp.'s bankruptcy case has authorized sale of the 11.5 million shares of EOG stock that back the mandatory exchangeable notes issued by Enron.
Proceeds from the sale will be put in escrow, EOG said in a filing with the Securities and Exchange Commission. The timing of the sale will be determined by a committee of interested parties not including EOG.
The exchangeables were issued in 1999. At maturity on July 31, 2002 they are mandatorily exchangeable into a maximum of 11.5 million shares of EOG stock, which made up all Enron's remaining ownership of EOG stock on the date of issuance.
The notes are unsecured general corporate obligations of Enron.
EOG said in the SEC filing that in light of Enron's bankruptcy if believes it is unlikely the notes will be exchanged for EOG stock.
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