Enron Says It Will Keep Pipeline Assets
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Enron Corp. said it would form a new company to operate three North American pipelines to help pay creditors owed more than $50 billion.
The Houston-based energy firm, which filed for bankruptcy protection in 2001, has been mulling over for months which of a dozen remaining businesses to divest to raise money and complete its Chapter 11 case.
Enron said it would form a new firm, PipeCo, to include its interests in Transwestern Pipeline Co., Citrus Corp. and Northern Plains Natural Gas Co. PipeCo shares would be distributed to creditors, and Enron would combine that with asset sales and other transactions to pay off debts.
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