Bankruptcy

Enron Distributes Another $3.37 Billion

Enron Corp. has now paid 26 percent of its bankruptcy claims.
Stephen TaubOctober 3, 2006

Enron Corp. reported on Tuesday that it distributed about $3.37 billion to creditors, bringing the total to $9.4 billion since November 2004. The latest distribution consisted of $3.34 billion in cash, as well as shares of Portland General Electric valued at $34.4 million. So far, Enron Corp. has paid 26 percent of what it owes to creditors, while Enron North America has paid back 29 percent, noted the company.

“Our mission going forward is to bring to settlement or trial the remaining litigation with those institutions which assisted in the downfall of Enron, to liquidate the remaining assets held for sale, and to continue to pursue a course which maximizes distributable value to creditors and improve upon the returns to date,” said John Ray, president and chairman, in a statement. Since 2004, Enron has been distributing money to creditors twice a year, in April and October. It also has made “catch-up” distributions.

Meanwhile, in a related development, Portland General announced on Monday that Raymond Troubh resigned from its board of directors. “His decision to resign is not the result of any disagreement with the company or its management,” the company stated in a regulatory filing.

Troubh joined Portland General from former parent Enron, according to Portland Business Journal. He initially joined the Enron board in 2001, and in 2003, Troubh told Corporate Board Membermagazine that his Enron board seat represented the “capstone” of his career, according to the Journal.