enron mentions 11 30 01 power points enron exit energy markets gets messy dow jones energy service 11 30 01 enron impact gas sector yet clear aga officials dow jones energy service 11 30 01 enron considering options bankruptcy decision said unlikely next week dow jones business news 11 30 01 u k trading panel decides expelling enron dow jones international news 11 30 01 tables turned commercial banks lick enron wounds dow jones capital markets report 11 30 01 enron collapse could weigh heavy insurers dow jones news service 11 30 01 us physical gas prices end ahead weekend dow jones energy service 11 30 01 usa enron directors side deals raise eyebrows reuters english news service 11 30 01 usa basic accounting tripped enron experts say reuters english news service 11 30 01 canada update 1 enron collapse likely kills planned ontario plant reuters english news service 11 30 01 p credit derivative exposure enron 6 3 billion pr newswire 11 30 01 scope peer review andersen audit practice expanded pr newswire 11 30 01 fitch enron coming creditor battle enron assets business wire 11 30 01 p places sutton bridge power bbb ratings creditwatch negative pr newswire 11 30 01 westport terminates enron contracts pr newswire 11 30 01 power points enron exit energy markets gets messy mark golden 11 30 2001 dow jones energy service copyright c 2001 dow jones company inc dow jones newswires column new york dow jones despite assurances many companies removal enron corp ene north american energy markets proceeding orderly fashion enron havoc broke loose friday morning cleaning mess nearly unbearable energy industry employees weeks enron involved many trades industry workers expect electric reliability threatened gas supplies disrupted free market ability resolve problems efficiently keep infrastructure humming shine lull wednesday morning collapse dynegy inc dyn acquisition enron deceptive thursday afternoon mirant mir told enron would make power gas deliveries company starting saturday first day new month couple companies followed suit friday morning enron turn began lose ability meet obligations supplier produce much electricity meet sales obligations buys producers traders positive feedback system expected spiral upwards early next week enron could almost totally energy market get idea messy look one troubled transaction thursday saturday delivery electricity utility utility bought power sempra energy sre bought el paso epg bought dynegy dyn bought pg 201 938 4604 mark golden dowjones com copyright 2000 dow jones company inc rights reserved enron impact gas sector yet clear aga officials 11 30 2001 dow jones energy service copyright c 2001 dow jones 202 862 6647 bryan lee dowjones com copyright 2000 dow jones bankruptcy decision said unlikely next week 11 30 2001 dow jones business news copyright c 2001 dow jones company inc embattled energy trading concern enron corp still considering options including likelihood filing bankruptcy protection chapter 11 people close matter said decision however occur next week people said enron employees told expect action weekend people said chapter 11 process designed hold company creditors bay hammers plan reduce debt although people familiar situation insist liquidation known chapter 7 filing cards industry observers continue speculate beleaguered company may forced go route energy trading business crippled downgrade wednesday debt junk status buyout dynegy inc dyn called later day enron fortunes downward spiral 4 p est friday new york stock exchange shares enron ene dropped 10 cents 28 26 cents stock traded 90 share last year told equity shareholders lost 60 billion enron outstanding bonds trade prices around 15 cents dollar selloff enron bonds upper 50 cent range wednesday developments suggests bondholders expect much recovery investments little doubt bankruptcy proceedings complex time consuming given nearly 62 billion assets enron balance sheet last quarterly financial report also bankruptcy court would wade untangle many items listed balance sheet financing vehicles sparked company troubles last month enron liabilities still matter debate company estimated 13 billion debt balance sheet 7 billion financings balance sheet however may obligations lurking connection investment partnerships since debt downgrade enron trading business appears damaged beyond repair without viable credit rating company longer access reams cash needs run business underscoring enron woes company told trading partners friday default deliveries wholesale electricity contract sunday monday people familiar situation said observers expected enron file bankruptcy protection early week people close situation said complex business structure slowing process company would file also question houston based company could file headquartered incorporated oregon many companies look favorable courts delaware whenever possible enron hired restructuring bankruptcy specialist blackstone group late last week advise corporate matters help restructure debt company also advised law firm weil gotshal manges bankruptcy specialist key supplier stops delivery mirant corp mir stopped delivering power natural gas enron sold existing contracts world wide traders people familiar situation said move brings enron struggles north america new level companies stopped making new trades enron continued deliver previously done deals enron delivering contracts north america thursday enron able get third parties step buy mirant sell enron one transaction power delivered saturday silicon valley power stepped middle silicon valley power municipal utility santa clara calif confirmed thursday done transaction saturday based contractual obligation made enron past enron positive trading position us said silicon valley marketing manager larry owens energy market sources expect companies follow suit mirant expect enron able find intervening third parties much longer companies legal right suspend deliveries reasonably expect get paid date enron paid bills time saturday gas power deliveries carry risk deals delivery even friday enron pay deliveries starting dec 1 late january spokesmen enron comment discuss activities individual counterparties spokesman eric thode said layoffs begin europe enron officials said friday company lay handful european employees staff retained wind remaining operations enron europe largely court appointed administration statement issued said approximately 1 100 redundancies made u k across group 250 staff retained word fate enron employees elsewhere europe riding priority preserve valuable parts business reduce cash needs business whilst seeking secure future certain enron businesses employees senior administrator tony lomas said statement separately friday two enron divisions enron capital trade resources ltd enron gas petrochemical trading ltd default regarding obligations united kingdom balancing settlement code although u k balancing market operator elexon stressed regulators decided expel enron trading time panel meet dec 5 discuss enron right review decision expel enron time said spokeswoman elexon addition german grid operators cancelled grid access contracts enron capital trade resources effectively excluding transactions involve delivery transit germany europe largest power market essential part enron european power activities enron also suspended trading nord pool ukpx amsterdam power exchange european energy exchange automated power exchange u k contracts christina cheddar janet whitman geoffrey smith sarah spikes carol remond mark golden kristen mcnamara dow jones newswires contributed report copyright c 2001 dow jones company inc rights reserved copyright 2000 dow jones company inc rights reserved u k trading panel decides expelling enron 11 30 2001 dow jones international news copyright c 2001 dow jones 44 20 7842 9345 sarah spikes dowjones com copyright 2000 dow jones company inc rights reserved tables turned commercial banks lick enron wounds michael mackenzie dow jones newswires 11 30 2001 dow jones capital markets report copyright c 2001 dow jones company inc new york dow jones enduring one toughest operating environments recent years investment bankers least raise smile commercial banks bearing brunt fallout anticipated collapse energy trading house enron corp ene likelihood enron file would messy bankruptcy sure illustrate one fundamental differences commercial banks investment banks noted analysts van hesser justin ziegler credit suisse first boston new york appetite commercial banks exposure individual name investment banking rivals evident breakdown direct loan exposures enron list dominated commercial banks according ratings agency fitch j p morgan chase 500 million unsecured exposure least 400 million secured citigroup c gauged 800 million exposure 500 secured 300 million unsecured fitch another leading commercial entity bank america corp bac believed 300 million direct loan exposure sept 30 note csfb extending loans companies run problems definitely risk commercial banking banks well diversified able absorb situations said ken worthington director equity analyst cibc world markets new york however case j p morgan chase prides passing credit risk others various means including loan syndications hedging stunning figure said kathy shanley bank finance analyst gim credit independent credit research firm new york recent years commercial banks sought leverage diversified structures aggressively muscling territory investment banks sought underwrite corporate bond stock issues traditional turf investment banks offering commercial banking sweetners lines credit loans investment banks enjoy benefit substantial balance sheet tend focus underwriting generally provide loans investment banks forced competitive pressures extend lending facilities demonstrated morgan stanley credit facilities lucent technologies usually offload balance sheet exposures order lower risk profile said worthington turn underlines selective approach investment banks financial markets commercial banking cousins investment banks gun shy building risk exposures csfb analysts believe tend build fewer tend disciplined helps explain respect enron csfb believes broker exposures relatively light bank expects exposure enron goldman sachs group gs morgan stanley mwd 50 100 million range major securities houses bear stearns companies inc bsc lehman brothers leh merrill lynch co mer exposures relatively immaterial carnage enron left investment bankers looking better gungho commercial banks sought juicy fees providing creditlines company planned ultimately doomed merger dynegy inc dyn citi jpm face prospect battle assets enron bankruptcy filing goldman sachs sits sidelines cheshire cat grin reminding investors declined extend credit line enron condition signing merger advisor noted gim credit shanley travails surrounding enron big commercial banks reads like case study dreamed securities industry association illustrate banks never allowed investment banking business first place said although goldman morgan stanley meaningful energy trading operations csfb believe banks well versed hedging structuring collaterized trading agreements methods limit potential gaping losses associated failure counterparty trades previously transacted worthington cibc added really drives business investment banking relationships talent mired bottom investment banking cycle many firms looking combine talented workforce attractive balance sheets commercial banks order enhance operation looked success citigroup vaunted one stop shopping model combines banking services investment banking offerings salomon smith barney although fitch notes banking industry stated exposures appear significant enough ratings implications news enron perhaps timely reminder cultivating big balance sheet also carries certain risks say investment banking undergo consolidation involves finding large balance sheets search profits economies scale building joint commercial investment banking franchise stuff many bankers dreams indeed many analysts believe merrill lynch michael mackenzie dowjones com copyright 2000 dow jones company inc rights reserved enron collapse could weigh heavy insurers chad bray dow jones newswires 11 30 2001 dow jones news service copyright c 2001 dow jones company inc new york dow jones insurance industry need enron corp ene problems particularly comes reinsurance prices primary insurers could hook much 2 billion claims directors officers policies surety bonds financial guarantees related houston energy trading firm among options considering seeking chapter 11 bankruptcy protection insurers also likely take hit investment portfolios enron defaults bond payments loss would material devastating industry however amid backdrop world trade center disaster enron impact could pressure firms going forward particularly enron risk ceded reinsurers event likely exacerbate reinsurance capacity shortfall market already exists making 2002 one powerful pricing years recent history said alice schroeder morgan stanley insurance analyst reinsurance prices rising prior sept 11 terrorist attacks rates expected rise dramatically light events reinsurers get handle insure new risk u aviation rates example already climbed 200 300 cases reinsurers also willing take less risk forcing primary insurers keep coverage write policies offering less coverage chubb corp cb warren n j insurer said reviewing surety bonds related enron could maximum net pretax exposure outstanding surety bonds 220 million firm said tax exposure 143 million 82 cents share company takes surety bond event fulfill contractual obligation typically surety bonds would pay monetary guarantees company unable surety bonds often used improve firm credit rating insurer unable estimate actual amount may required pay timing payments contingencies including actions others possible judicial rulings amounts chubb may recover surety bond documents claims yet filed surety bonds jay cohen merrill lynch analyst said chubb surety bond obligations regards enron generally guaranteed delivery natural gas energy producers utilities bond could different defined events would trigger claim bankruptcy cohen said enron loss likely sizable one surety line line particularly effected trade center attack cohen said loss likely exceed 1 billion note industry wrote surety premiums totaling 3 5 billion 2000 would expect loss effect insurers risk appetite pertaining surety obligations cohen said chubb likely reinsurance losses gross exposure 220 million maximum net exposure ron frank salomon smith barney analyst said enron situation clearly unusual loss viewed relative chubb overall financial condition quite solid said chubb historical profitability surety good even including enron frank noted chubb announcement address exposure enron directors officers liability management comment us saw another exposure material earnings per share would released frank said infer reinsurance reserves meaningfully mitigate exposures large surety writers include st paul cos spc american international group aig cna financial cna act ltd ace safeco corp safc travelers unit citigroup inc c however large writers surety obligations necessarily exposure enron time major enron loss could inhibit traditional property casualty insurers writing financial guarantee related risk future said schroeder morgan stanley analyst schroeder noted could positive traditional financial guarantors terms less competition could also concern example ambac financial group inc abk mbia inc mbi traditional financial guarantors able wrap lower levels risk certain collateralized debt obligation deals traditional p c insurers taking higher less risk prone layers conservative nature might willing take risky layers future chad bray dow jones newswires 201 938 5293 chad bray dowjones com copyright 2000 dow jones company inc rights reserved us physical gas prices end ahead weekend 11 30 2001 dow jones energy service copyright c 2001 dow jones john edmiston dowjones com copyright 2000 dow jones company inc rights reserved usa enron directors side deals raise eyebrows 11 30 2001 reuters english news service c reuters limited 2001 houston nov 30 reuters directors enron corp already fire failing identify correct problems brought energy trading giant brink collapse lucrative side deals company drew added criticism corporate governance experts friday deals ranged consulting jobs purchases goods services affiliated companies raised doubts board independence senior managers supposed supervise behalf stockholders experts said directors side consulting arrangements considered governance guidelines necessary independence management said charles elson director center corporate governance university delaware contrast murky balance sheet financing deals played key role enron demise company made detailed disclosures deals members board directors proxy statement published earlier year document shows addition supervisory duties enron director john urquhart paid 493 914 last year providing consulting services enron huge amount money best practice consulting fees directors said nell minnow editor business research group corporate library extensive work corporate governance issues another enron director lord john wakeham received 72 000 last year advice enron european operations enron director herbert winokur affiliated privately owned national tank co made sales enron worth 370 294 last year proxy statement said document also shows enron paid 517 200 last year travel services provided enron employees travel agency business provided services 50 percent owned sharon lay sister enron chairman chief executive ken lay major companies engage dodge obvious one minnow said copyright 2000 dow jones company inc rights reserved usa basic accounting tripped enron experts say deepa babington 11 30 2001 reuters english news service c reuters limited 2001 new york nov 29 reuters experts look remains enron corp someone blame eyes turning toward auditors allowed break accounting rules rather rules biggest trader newly deregulated power market enron near collapse auditing profession gives financial statements stamp approval needs vigilant prevent similar future disasters experts said auditors big five auditing firms got look say sort thing happen said david hawkins accounting consultant merrill lynch professor harvard university rules lost way speak need new compass direction enron wall street darling share price hit 90 started coming apart reported losses transactions led former chief financial officer kept balance sheet experts said failed apply generally accepted accounting principles failed disclose sufficient information explain dealings andersen accountancy firm audited enron books said judgments premature best idea gather information securities exchange commission enron board decide lessons learn andersen spokesman david tabolt said instant judgments often based presumptions often turn later incorrect accounting 101 rules enron appears violated quite straightforward according experts example recording note enron received return selling equity limited partnerships asset contrary accounting rule bans treatment unless note paid days hawkins said ultimately transactions turned sour causing 1 2 billion reduction shareholder equity losses contributed 1 billion third quarter charge accounting 101 said paul brown chairman accounting department new york university stern school business may way dressed complicated hard auditors ferret job financial accounting standards board fasb sets accounting rules said firms must disclose extensive information related party transactions enron may well violated spirit law inadequately explaining transactions experts said enron began unravel analysts criticized andersen failing explain firm dealings financial statements enron reported transactions cryptic footnotes many said almost incomprehensible andersen also come fire failing consolidate partnerships enron books would given truer picture enron debt enron later restated results reflect transactions books cutting earnings almost 600 million since 1997 effectively admitting made mistake credibility shattered thursday harvey pitt chairman sec investigating enron andersen said agency looking whether accounting principles applied appropriately may need changing patching loopholes sure critics long called better accounting rules particularly regarding type balance sheet financing enron engaged tim lucas heads fasb task force emerging issues said fasb trying complete big projects business combinations asset retirement obligations year tackling issue lucas said enron saga may also hold implications rules financial instruments derivatives recording fair value certainly aware enron situation sheds light area improve rules try said obvious yet apart raising questions andersen role implications enron near collapse may well force entire auditing community serious soul searching prevent future disasters wake call new york university brown said copyright 2000 dow jones company inc rights reserved canada update 1 enron collapse likely kills planned ontario plant 11 30 2001 reuters english news service c reuters limited 2001 recasts comments area legislator paragraph 3 adds ontario power generation enron exposure paragraph 13 toronto nov 30 reuters collapse u energy trader enron corp likely spells end plans canadian subsidiary build c 200 million 130 million generating plant southwestern ontario government officials said friday shelving plant would little effect province plans open electricity market competition next year enron option purchase parcel land st clair township build peaker plant generate electricity peak periods said caroline dicocco member provincial legislator sarnia lampton feeling community going happen severe financial difficulties said enron north america largest energy trader verge collapse planned enron canada corp build 400 megawatt generating plant near sarnia ontario recently renewed option land st clair township seeking various regulatory approvals however enron canadian president rob milnthorp told reuters earlier year firm delayed construction plant clear date set province open market competition company available comment friday aware enron considered plant plans hold time said mike krizanc spokesman ontario energy ministry latest events affecting company impact happening ontario terms competition supply anticipating said ontario canada populous province nation industrial economic heartland set unveil plans within next two months deregulated power market province already pushed back original november 2000 deadline 18 months earlier year said would open market may 2002 although planned enron plant likely never built market experts said company could sell infrastructure development completed potentially attractive asset time selling half built house know best way get value said tom adams executive director industry watchdog energy probe toronto meanwhile ontario power generation province biggest electricity producer said release exposure enron less c 100 000 therefore anticipate adverse earnings impact related trading activities u firm 1 1 57 canadian copyright 2000 dow jones company inc rights reserved p credit derivative exposure enron 6 3 billion 11 30 2001 pr newswire copyright c 2001 pr newswire new york nov 30 prnewswire standard poor reviewed number credit derivative transactions enron appears found exposure company three different types transactions divided among deals direct enron credit exposure potentially could total 3 3 billion although much attention focused enron relation loan exposures energy sector commodities markets also named source credit risk many credit derivatives transactions said nik khakee director standard poor structured finance derivatives group addition enron overall derivatives market strategy included credit derivatives thus enron source credit risk derivatives transactions source risk derivatives transactions could possibly cause termination events swaps enron contracted mr khakee continued global basis enron appears 50 transactions reference entity reference obligation pooled credit derivative transactions meaning enron credit exposure two counterparties transact swap default enron defined specified credit event language defined swap documentation would lead potential loss one counterparty floating rate payer loss defined valuation process whereby settlement value potential enron exposure determined value often result bidding process market dealers solicited bidding process commonly referred cash settlement alternatively physical settlement may selected settlement mechanism whereby enron fixed income instrument exchanged notional value enron exposure overall pool transactions total 79 billion total notional amount potential enron exposure deals aggregate totals 3 3 billion 0 75 total notional exposure important note transactions primarily investment grade credit derivative collateralized debt obligations credit support rated noteholders typically averages 2 4 therefore default enron low recovery enron post default would significantly erode credit support standard poor currently reviewing transactions enron named reference entity possible rating actions mr khakee said enron may also appear type credit derivative transaction part small pool rather large pool overall credit exposure case enron may potentially single reference source credit risk credit derivative transaction irrespective credit risk posed actual counterparty risk transactions addressed estimated exposures identified enron appears reference credit six transactions potential total notional exposure enron 2 7 billion single name risk small basket credit derivative transactions addition december 2000 enron began acting counterparty swap transactions without also reference entity counterparties vulnerable potential default enron counterparty even reference source credit exposure transaction transactions default enron counterparty swap contract would initiate process whereby termination swap contract possible nondefaulting counterparty would option replace enron new counterparty swaps could done whole swap notional amount credit exposure portfolio could carved pieces order distribute risk across various counterparties whether transferred one counterparty many process called assignment leads mark market valuation mark either favor enron counterparty enron faces thus enron default counterparty could exposed liquidity risk would make mark market payment enron conversely enron make mark market payment counterparty counterparty may receiving payment especially insolvency proceedings commence enron secured ratings three credit derivative transactions total notional amount 3 billion credit derivative exposure traded give perspective number mr khakee explained standard poor credit derivatives analysts new york review pools credit exposure reviewed transactions total notional amount 23 billion year date notional amount 3 billion relative enron represents larger percentage overall rated credit derivative transactions would expected entity traditional broker dealer investment bank insurer said contact nik khakee 1 212 438 2473 mary ryan 1 212 438 2090 standard poor 16 54 est copyright 2000 dow jones company inc rights reserved scope peer review andersen audit practice expanded 11 30 2001 pr newswire copyright c 2001 pr newswire chicago nov 30 prnewswire andersen today announced deloitte touche expand scope peer review andersen us accounting audit practice expanded procedures consideration two weeks include among things review procedures andersen houston office andersen asked additional work light financial reporting issues enron corp deloitte touche independently determined wanted conduct additional procedures maintaining trust confidence investors central tenet firm said joseph f berardino managing partner chief executive officer invest hundreds millions dollars year improve auditing tools skills investors rely andersen signature sign quality financial reporting confident system quality strong pleased deloitte touche decision undertake additional review procedures public oversight board pob charged oversight accounting profession self regulatory peer review process united states every three years since 1978 major accounting firms oversight pob engaged conduct comprehensive reviews accounting audit practices member firms american institute certified public accountant aicpa sec practice section secps peer reviews involve assessment firm system quality control accounting auditing practice standards established secps includes among many quality measures evaluation firm audit methodology tools well review certain audits select offices deloitte touche work 2001 andersen review nearing completion enron announced certain financial reporting issues 2001 peer review planned way eight months date deloitte touche reviewers andersen practice review teams reviewed system quality including audit work 30 offices involving 40 percent andersen u audit partners reviews conducted andersen review teams tested deloitte touche customary subject oversight pob light recent developments believe extending peer review include work done offices including houston procedures deloitte touche deems appropriate necessary right thing said berardino noted andersen first major firm engage another firm review system quality globally 1977 andersen global leader professional services provides integrated solutions draw diverse deep competencies assurance tax consulting corporate finance countries legal services andersen employs 85 000 people 84 countries andersen frequently rated among best places work leading publications around world also consistently ranked first client satisfaction independent surveys andersen enjoyed uninterrupted growth since founding 1913 2001 revenues totaled us 9 3 billion andersen refers brand identity adopted member firms andersen global client service network learn www andersen com make opinion count click contact dave tabolt andersen 1 312 931 9000 david w tabolt us andersen com 17 07 est copyright 2000 dow jones company inc rights reserved fitch enron coming creditor battle enron assets 11 30 2001 business wire copyright c 2001 business wire new york business wire nov 30 2001 total assets 62 8 billion sept 30 2001 enron would become biggest bankruptcy united states history files bankruptcy expected fitch anticipates lengthy contentious battle enron assets key issues creditors enterprise value several issues cloud enterprise valuation enron first foremost uncertain value remaining enron wholesale trading business approximately 75 enron total 2000 income interest minority interests taxes generated wholesale services segment consists primarily energy trading business based recent refusals enron energy trading partners accept company counter party exacerbated implementation trading restrictions company new york mercantile exchange fitch believes significant doubt cast upon enron ability continue operate business previous scale previous valuations bankrupt trading businesses quite low therefore fitch believes would prudent assign conservative valuation segment recovery analysis secondly due ongoing securities exchange commission investigation enron accounting previous restatements earnings exists uncertainty accuracy historical earnings reports finally enron retail energy segment closely integrated company wholesale operations energy supply wholesale operations remain shutdown future cash flow generation ability retail segment may materially impaired value enron assets allocated bankruptcy fitch conducted preliminary analysis recovery prospects various creditor classes enron pipeline business historically steady source cash flow generation market comparable method valuation transportation segment results strong recovery prospects secured creditors northern natural transwestern fitch estimates would roughly 1 billion residual value pipelines following satisfaction secured unsecured claims dynegy claim part merger agreement enron dynegy injected 1 5 billion enron exchange preferred stock enron largest pipeline northern natural gas converted ownership pipeline dynegy exercised option noted part investment preferred stock dynegy negotiated right block bankruptcy filing subsidiary enron various assets could monetized satisfy unsecured creditor claims enron agreement sell portland general electric subsidiary anticipated net proceeds 1 8 billion cash cash equivalents 2002 addition enron contracted sell 800 million merchant assets expected close year end subject execution risks including regulatory transfer risks net proceeds could realized cash hand inventories various monetizable assets difficult estimate moreover full extent company assets pledged uncertain outstanding amount senior unsecured debt currently estimated 11 billion excluding possible liabilities arising trust structures marlin osprey additionally general unsecured claims bankruptcy would include customer deposits minority interests project structured finance make whole obligations well unknown amount amount exposure shareholders employees others relating spate recent litigation enron amount general unsecured claims determined time despite fluidity situation fitch preliminary view unsecured creditors would realize recoveries 20 40 range opinion considers deterioration value wholesale trading business pledge flagship assets secured creditors uncertain cashflow generation prospects retail segment light wholesale business situation opaque uncertain accounting balance sheet liability issues unexpected liabilities enron able continue operate going concern seek liquidate assets enron would require sizable debtor possession facility fund ongoing operations induce counter parties resume business enron fitch believes uncertain whether enron adequate unencumbered collateralized assets obtain dip large enough enable resumption wholesale operations situation secured creditors marlin water trust ii osprey trust ratings marlin 915 million senior secured notes osprey 2 4 billion senior secured notes rely support enron liquidation underlying assets primary source repayment shortfall liquidation proceeds would become claim enron may subject subordination claims creditors bankruptcy contact fitch new york sharon bonelli 212 908 0581 robert grossman 212 908 0535 ralph pellecchia 212 908 0586 glen grablesky 212 908 0577 james jockle media relations 212 908 0547 15 56 est november 30 2001 copyright 2000 dow jones company inc rights reserved p places sutton bridge power bbb ratings creditwatch negative 11 30 2001 pr newswire copyright c 2001 pr newswire new york nov 30 prnewswire standard poor today placed triple b rating sutton bridge power sbp guaranteed gbpl 95 million us 310 million us 150 million secured bonds issued sutton bridge power financing ltd creditwatch negative implications creditwatch placement reflects potential deterioration credit quality debt service payments existing 25 year swap enron corp fundamentally restructured rating action results downgrade enron corp corporate credit rating single b minus standard poor enron enron capital trade resources corp counterparty 25 year 2022 u k pound u dollar swap sutton bridge financing possible restructuring cancellation swap may expose bondholders currency exchange risk standard poor shortly meeting london electricity plc le management owns sutton bridge power plant discuss among things le options hedging currency exposure sbp preserve sbp credit strength contact jean francois veron standard poor 33 1 4420 7316 15 37 est copyright 2000 dow jones company inc rights reserved westport terminates enron contracts 11 30 2001 pr newswire copyright c 2001 pr newswire denver nov 30 prnewswire westport resources corporation nyse wrc announced today terminated commodity sales hedging contracts enron north america corp certain affiliates westport exercised rights pursuant early termination provisions contracts based current estimates applying estimated set offs westport believes owes enron north america corp affiliates approximately 800 000 contracts addition westport commodity sales contracts eott energy partners l p ena upstream company llc affiliates enron corp westport believes exposure contracts less 4 0 million photo http www newscom com cgi bin prnh 20010424 wrclogo contact information lon mccain jonathan bloomfield 303 573 5404 forward looking statements material includes forward looking statements within meaning section 27 securities act 1933 amended section 21 e securities exchange act 1934 amended forward looking statements include estimates plans expectations opinions forecasts projections guidance statements statements fact including limited amount potential exposure enron although company believes expectations reflected forward looking statements reasonable give assurance expectations prove correct many factors could cause forward looking statements correct including differences contractual interpretation future volatility oil gas prices uncertainties related calculating market values company contracts enron well risks uncertainties inherent company business set forth filings company securities exchange commission company undertake obligation update forward looking statements contained material make opinion count click contact lon mccain jonathan bloomfield westport resources corporation 1 303 573 5404 14 46 est copyright 2000 dow jones company inc rights reserved