Board-Ansicht
Mix-Ansicht- Konkursanwalt müßte man sein - Bob, 17.11.2003, 11:44
Konkursanwalt müßte man sein
-->Enron predicts a $1bn bill to emerge from bankruptcy
By James Politi in New York and Joshua Chaffin in Washington
Published: November 15 2003 4:00 | Last Updated: November 15 2003 4:00
Enron, the bankrupt energy trader, is facing a $1bn (£590m) bill through 2006 for the legal and other professional costs it plans to incur as it extricates itself from bankruptcy.
The projection, contained in documents filed this week by Enron in support of its reorganisation plan and revealed yesterday in the Houston Chronicle, is that Enron will spend $156m in the second half of this year on professional fees, $229m in 2004, $112m in 2005 and $68m in 2006.
The number highlights both the complexity of the Enron bankruptcy and the extent to which restructuring practices within the legal industry are benefiting from America's corporate scandals while investors recover from their losses.
However, many observers said that considering the size of the Enron bankruptcy - the second-largest in US history after Worldcom - $1bn in professional fees was not necessarily"out of line".
"It's very troubling that the cost to the estate is what it is, but it's a very large, complex case with a lot of complicated parties," said a person familiar with the situation.
The $1bn estimate for Enron's professional fees comes as the Houston-based group looks forward to a key court hearing in its bid to emerge from bankruptcy.
On Tuesday, a judge will hear evidence to determine whether or not Enron's disclosure statement - which is the basis of its reorganisation plan - can be put to creditors for a vote.
Approval of the disclosure statement would keep Enron on track for a confirmation hearing on its reorganisation plan early next year.
Part of the surprise at the $1bn figure related to the more than $300m Enron expected to spend after its reorganisation plan was confirmed. But Evelyn Biery, the head of the bankruptcy section at Fulbright & Jaworski, a law firm based in Texas and New York, did not share that concern.
"Everything outside the ordinary course of business becomes a matter of negotiation and litigation in most large cases - and that doesn't stop once the reorganisation plan is confirmed," she said.
Ms Biery added:"In a case this size many matters remain unresolved at plan confirmation and must be addressed after the court determines the general shape of the process going forward."
The parties in the case say they have been trying to speed Enron's reorganisation and emergence from bankruptcy to minimise the mounting legal costs.
An Enron spokesman said yesterday:"We have been trying to move the bankruptcy along at a very brisk pace so that we can maximise value, distribute it quickly, and preserve jobs."
Thread gesperrtgesamter Thread:
