Enron "will cease to exist". I'm expecting that the stock will be cancelled. I got stuck with AURFQ that way. Diana, I bought AURFQ on a Monday, it went up dramatically, then just didn't trade the next day. Instant toilet paper. Totally worthless. Lost $1200. Now, Enron's 2 emerging companies may be worth looking into.Jul 15, 2004 (AP WorldStream via COMTEX) -- A look at the two companies that will emerge from the Chapter 11 bankruptcy reorganization of Enron Corp., which will cease to exist:
Crosscountry Energy Corp:
Assets:
-2,600-mile (4,185-kilometer)Transwestern Pipeline, which transports gas from West Texas, Oklahoma, eastern New Mexico, the San Juan Basin in northwestern New Mexico and southern Colorado to California, Arizona and Texas markets.
-Half-ownership (with El Paso Corp.) of Citrus Corp., a holding company that owns the 5,000-mile (8,045-kilometer) Florida Gas Transmission pipeline from southeast Texas to Florida.
-A less than 2 percent interest in Northern Border Partners, which transports natural gas from Canada to the Midwest.
Financial projections: Combined net income from its interests in those three assets in 2002 was $78.1 million, according to bankruptcy court filings. Future net income expected to be $121 million to $159 million in 2004-2006.
Estimated worth of the assets: Ranges from $1.409 billion to $1.571 billion.
Employees: 1,200.
Enron has competing offers to buy CrossCountry for about $1.8 billion plus assumption of $430 million in debt. A bankruptcy judge will consider those and any other bids at a Sept. 1 auction, and is slated to approve the winning bid Sept. 9. Proceeds would help pay Enron creditors.
Web site: www.crosscountryenergy.com.
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Prisma Energy International Inc.
Assets: Located in 14 countries, and including more than 9,600 miles (15,445 kilometers) of natural gas transmission and distribution pipelines; more than 56,000 miles (90,105 kilometers) of electric transmission and distribution lines; more than 2,100 megawatts of electric generating capacity; and serve 6.5 million LPG (liquefied petroleum gas), gas and electricity customers.
In three business segments:
Natural gas services.
-Nine city gas distribution companies in South Korea providing service to more than 2 million customers.
-LPG distribution businesses in Venezuela and South Korea providing service directly or through distributors to 2.2 million customers.
-Six separate transportation businesses in South America putting out 3.2 billion cubic feet (96 million cubic meters) per day of natural gas over 6,000 miles (9,654 kilometers) of pipelines.
-Natural gas liquids extraction, fractionization, refrigeration and storage facilities in Venezuela.
Power distribution.
-Elektro. Provides retail electricity delivery to about 1.7 million customers in Sao Paulo and Mato Grosso do Sul, Brazil, through subsidiary Elektro, a Brazilian local electricity distribution company. Concession area covers 223 municipalities in Sao Paulo and five municipalities in Mato Grosso do Sul, encompassing about 56,000 miles (90,104 kilometers) of distribution lines. Elektro is the third-largest local electricity distribution company in Sao Paulo and the seventh-largest in Brazil.
Power generation.
-Expected to consist of ownership interests in 10 power plants with a total generating capacity of 2,100 megawatts; Prisma's ownership percentage will represent generating capacity of 1,180 megawatts. The plants are in Argentina, Brazil, the Dominican Republic, Guam, Guatemala, Nicaragua, Panama, the Philippines, Poland and Turkey.
Financial projections: Expect net income of $112.8 million to $233.2 million in 2004-06.
Estimated worth of assets: $713 million to $918 million.
Employees: 9,000, including 4,000 employed by joint ventures.
Web site: www.prismaenergy.com
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Source: Enron filings in U.S. Bankruptcy Court in New York.
Copyright 2004 Associated Press, All rights reserved
[This message has been edited by WinsumLosesum (edited July 16, 2004).]
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