Risk & Compliance

Enron Creditors Get Another $1 Billion

Enron Creditors Recovery Corp., in 21 distributions, now has returned more than $14 billion.
Stephen TaubApril 1, 2008

Enron is distributing more than $1 billion to creditors and affiliated debt companies — the twenty-first distribution being made by Enron Creditors Recovery Corp.

The latest payment consists of about $980 million in cash and Portland General Electric Co. common stock, equivalent to about $37.4 million, plus interest, dividends, and gains from the sale of Portland General common stock of roughly $9 million.

“Returning funds to creditors is central to the mission of Enron Creditors Recovery Corp., and the board of directors is proud of its achievements to date, including today’s distribution,” said John Ray III, president and chairman. “With the MegaClaims litigation now resolved, we are one step closer to completing our work on behalf of the creditors.”

He asserted that the company’s efforts already have exceeded original Enron Corp. estimates by more than 225 percent, and added that board members “remain committed to continuing to work diligently to maximize the total distribution amount.”

Since November 2004, Enron Creditor’s Recovery Corp. has returned about $14.56 billion to creditors in twice-yearly distributions, in April and October, as well as in “catch-up”” distributions paid on an interim basis every two months.