enron mentions enron cuts shareholder equity 1 2 bln usd due partnership deal afx news 10 18 01 calif energy panel oks first step 1160 mw projects dow jones energy service 10 18 01 usa enron stock slides equity reduction digested reuters english news service 10 18 01 brazil copene elektro plan sell 820 mln reais bonds bloomberg 10 18 01 enron cuts shareholder equity 1 2 bln usd due partnership deal 10 18 2001 afx news c 2001 afp extel news ltd london afx enron corp said reduced shareholder equity 1 2 bln usd company decided repurchase 55 mln shares issued part series complex transactions investment vehicle connected chief financial officer andrew fastow wall street journal reported online edition enron disclose big equity reduction earnings release issued tuesday houston based energy giant announced 1 01 bln usd charge third quarter earnings produced 618 mln usd loss however company briefly mentioned subsequent call security analysts confirmed response questions yesterday result reduction enron shareholder equity dropped 9 5 bln usd company said interview enron chairman kenneth lay said 35 mln usd 1 01 bln usd charge earnings related transactions ljm 2 co investment lp limited partnership created run fastow conference call yesterday investors lay said 55 mln shares repurchased enron company unwound participation transactions third quarter company average number shares outstanding 913 mln according rick causey enron chief accounting officer shares contributed structured finance vehicle set two years ago enron ljm 2 investors exchange stock entity provided enron note aim transaction provide hedges fluctuating values enron broadband telecommunications technology investments causey elaborate form hedges took subsequently value enron stock value broadband investments hedged entity dropped sharply report said result enron decided essentially dissolve financing vehicle reacquire shares enron reacquired shares also canceled note received entity given complexities ljm related financing vehicle questions raised outside company confusion factor worth trouble trying continue causey said mark palmer enron spokesman described capital reduction balance sheet issue therefore deemed material disclosure purposes gc information contact afx www afxnews com www afxpress com copyright 2000 dow jones company inc rights reserved calif energy panel oks first step 1160 mw projects 10 18 2001 dow jones energy service copyright c 2001 dow jones 323 658 3872 jessica berthold dowjones com copyright 2000 dow jones company inc rights reserved usa enron stock slides equity reduction digested 10 18 2001 reuters english news service c reuters limited 2001 houston oct 18 reuters enron corp stock fell sharply thursday investors digested news 1 2 billion reduction energy giant shareholder equity attracted little attention first disclosed earlier week afternoon trading enron stock 2 96 9 2 percent 29 24 per share enron reported first quarterly loss four years tuesday taking charges 1 01 billion earnings cover expenses writedowns investments fall outside core wholesale energy operations reduction shareholder equity mentioned company earnings statement discussed chairman chief executive ken lay earnings conference call analysts investors tuesday confidence shaken incremental disclosure extremely widely held stock assume everybody listened conference call probably asking much said one analyst asked identified reduction equity prominently reported wall street journal thursday bringing attention wider audience analysts said lay said equity writedown corresponding reduction number enron shares outstanding related early termination structured finance arrangements drawn criticism wall street analysts result operation enron debt total capitalization ratio rise 50 percent company expects proceeds asset sales reduce ratio around 40 percent end next year lay said moody investor service said earlier week placed enron long term debt obligations review possible downgrade writedowns charges substantially reduced valuations several enron businesses enron financing arrangements require company maintain investment grade credit ratings copyright 2000 dow jones company inc rights reserved brazil copene elektro plan sell 820 mln reais bonds 2001 10 18 13 53 new york rio de janeiro oct 18 bloomberg two brazilian companies asked securities regulators permission sell 820 million reais 279 million bonds raising amount pending local market bond sales 7 5 billion reais brazil copene petroquemica nordeste sa petrochemical company asked brazil government permission sell 625 million reais bonds according country security exchange regulator cvm banco citibank sa brazilian unit citigroup inc manage sale elektro eletricidade e servicos sa electricity utility controlled u based enron corp distributes electricity sao paulo state asked permission sell 195 million reais bonds according cvm filing details sales immediately available brazilian companies scrambled sell debt home local currency real plunges dollar making dollar denominated debt expensive causing losses mount local currency value dollar debts soars far year 9 1 billion reais local market debt sold meanwhile corporate bond sales euros dollars slipped almost two thirds 1 7 billion third quarter 4 5 billion second including sales offshore subsidiaries according bloomberg data