enron mentions wrap dynegy terminates troubled merger pact enron dow jones news service 11 28 01 enron fall spark volatility pwr natural gas mkts dow jones energy service 11 28 01 merger collapse weak fed report rattle investors midafternoon dow jones business news 11 28 01 enron temporarily suspend noncore payments dow jones news service 11 28 01 energy markets seen surviving enron woes changed dow jones energy service 11 28 01 uk enron pioneer europe new power markets reuters english news service 11 28 01 usa wrapup 2 enron near collapse dynegy pulls reuters english news service 11 28 01 usa us energy regulator says monitoring enron situation reuters english news service 11 28 01 usa dynegy says longer trading enron reuters english news service 11 28 01 usa enron seeks preserve value dynegy pullout reuters english news service 11 28 01 usa update 1 enrononline trading system shuts reuters english news service 11 28 01 usa update 1 key us lawmaker see govt solution enron reuters english news service 11 28 01 uk uk power prices rally enron news dims trade reuters english news service 11 28 01 usa nymex natgas tumbles late bearish aga data reuters english news service 11 28 01 usa citigroup j p morgan enron exposure reuters english news service 11 28 01 stockwatch enron 85 pct dynegy walks merger deal afx news 11 28 01 enron temporarily suspends payments except needed maintain ops afx news 11 28 01 calpers may discuss enron action co dec dow jones energy service 11 28 01 dynegy calls 8 4 billion takeover enron credit downgrade associated press newswires 11 28 01 dynegy terminates merger enron conference call scheduled 12 30 cst 1 30 p est business wire 11 28 01 dynegy pull enron purchase credit ratings cut update 6 bloomberg 11 28 01 enron online trading unit stopped traders say update 2 bloomberg 11 28 01 enron 401 k plan set fall david wilson updatel bloomberg 11 28 01 enron credit rating cut junk p moody update 4 bloomberg 11 28 01 enron expected sell portland utility northwest natural bloomberg 11 28 01 sempra energy interested buying enron assets update 2 bloomberg 11 28 01 enron office tower project limbo dynegy ends purchase bloomberg 11 28 01 wrap dynegy terminates troubled merger pact enron 11 28 2001 dow jones news service copyright c 2001 dow jones company inc houston dow jones dynegy inc dyn terminated troubled merger agreement enron corp ene backing away deal despite frantic last minute attempts sides save dynegy wednesday cited enron breaches representations warranties convenants agreements including material adverse change provision announcement came standard poor cut beleaguered energy trader debt rating b minus essentially rendering junk status downgrade triggered financial covenants raised possibility enron forced file protection chapter 11 federal bankruptcy code could fatal blow enron needs huge sums cheap money keep trading operations alive standard poor lowered long term rating enron b minus triple b minus citing fears dynegy would abandon proposed purchase enron collapse dynegy purchase would create enormous pressure enron credit profile enron limited access capital time extensive debt restructuring necessary p said regrettable see leading industry player difficulties reflect failure energy merchant business dynegy said announcing decision however dynegy said energy delivery network core businesses solid company industry peers ready absorb added volatility energy market result potential loss enron afternoon trading new york stock exchange enron shares 2 91 71 1 20 dynegy meanwhile 4 08 10 36 81 also big board top executives enron dynegy tried salvage deal combine two energy trading companies amid growing signs enron faced cash flow problems result sharp downturn core trading business talks enron dynegy began earnest weekend cut price stock transaction enron share price plummeted wake disclosures future earnings high originally anticipated last month dynegy agreed buy enron emergence damaging revelations concerning series deals allowed enron executives profit personally expense company shareholders deals subject securities exchange commission investigation citing person familiar situation wall street journal said wednesday enron board late tuesday informally agreed new share exchange ratio 0 12 shares dynegy enron share tendered 50 original offer 0 2685 dynegy share enron share latest proposed share exchange ratio valued enron 4 91 share total 4 17 billion would compare original value 10 98 share 9 33 billion exchange reducing purchase price members enron team insisting control merged company dynegy also considering additional 250 million cash investment enron dynegy together chevrontexaco inc cvx already injected 1 5 billion enron effort stabilize company struggling keep planned merger alive enron also seeking extend maturity dates borrowings enron total 13 billion debt 9 billion comes due end next year last month enron said filing sec cut rating investment grade three major credit rating agencies along decline stock price certain levels would trigger need repay refinance cash collateralize facilities totaling 3 9 billion dynegy said wednesday go acquisition enron natural gas pipeline unit northern natural omaha neb said exercised right acquire unit common shares chevrontexaco owns 26 dynegy contributed 1 5 billion proposed enron merger dynegy used money acquire pipeline unit northern natural owns operates 16 500 miles interstate natural gas pipeline spanning permian basin texas great lakes historically strong earnings contributor dynegy said unit positive addition dynegy energy delivery network copyright 2000 dow jones company inc rights reserved enron fall spark volatility pwr natural gas mkts 11 28 2001 dow jones energy service copyright c 2001 dow jones 403 531 2912 dina omeara dowjones com copyright 2000 dow jones company inc rights reserved merger collapse weak fed report rattle investors midafternoon stacy forster 11 28 2001 dow jones business news copyright c 2001 dow jones company inc wall street journal online blue chip stocks remained weak wednesday key survey regional conditions federal reserve revealed many sectors economy continued struggle investors also rattled news dynegy pulled merger talks fellow energy provider enron midafternoon trading dow jones industrial average 111 points 9761 flirting return 10000 last two sessions industrials finished 110 15 points 1 1 9872 60 tuesday meanwhile nasdaq composite index lost 27 30 1908 70 declining 5 26 points 1935 97 tuesday indexes also fell standard poor 500 stock index shed 13 20 1136 40 russell 2000 index declined 3 457 70 new york stock exchange composite index dropped 4 90 579 70 fed called beige book indicated economy remained soft october november survey showed signs slowing outweighed signs recovery early november report rekindled speculation fed reduce interest rates effort stimulate economy investors already mood take money table trend started tuesday conference board issued disappointing report consumer confidence federal reserve gov laurence meyer said likely u economic output continuing shrink several key indicators due next couple days including commerce department report friday third quarter gross domestic product investors also rattled wednesday standard european union commission expects companies request approval merger soon shares compaq fell 2 1 shares handset phone makers slid nokia said global sales mobile phones across industry grow 10 15 2002 falling year weakening hopes recovery industry abn amro trimmed views motorola following forecast shares nokia fell 4 5 motorola lost 2 major u market action stocks slid big board 819 million shares traded 1 824 stocks fell 1 258 rose nasdaq 1 2 billion shares traded hands bonds mixed 10 year treasury note gained 3 32 yield moves inversely price fell 4 92 30 year bond lost 4 32 yield 5 34 dollar fell dollar declined euro 88 65 cents 88 64 cents weakened yen falling 123 14 yen 123 96 yen late tuesday new york copyright c 2001 dow jones company inc rights reserved copyright 2000 dow jones company inc rights reserved enron temporarily suspend noncore payments 11 28 2001 dow jones news service copyright c 2001 dow jones dow jones newswires 201 938 5400 copyright 2000 dow jones company inc rights reserved energy markets seen surviving enron woes changed mark golden john edmiston andrew dowell dow jones newswires 11 28 2001 dow jones energy service copyright c 2001 dow jones company inc new york dow jones energy markets built enron corp ene survive company troubles emerge unscathed traders analysts said wednesday energy companies weeks adjust serious concerns houston based giant creditworthiness allowing less orderly withdrawal enron market ratings agencies wednesday downgraded enron credit junk bond levels nevertheless liquidity north american natural gas electricity markets expected suffer credit requirements likely tightened general creating difficulties energy traders spell end energy trading said one trading manager independent power producer market much bigger enron enron fell spell spell end trading companies strong physical asset base least year two credit requirements generally tightened moreover small producers natural gas electricity hedged 2002 output enron earlier year prices much higher suffer enron trouble fulfilling commitments enron warned filing securities exchange commission last week ability continue going concern would threatened credit ratings downgraded noninvestment grade levels news enron downgrade added 5 cents 10 cents natural gas futures new york mercantile exchange traders covering short positions sent december contract 2 82 per million british thermal units traders said midwestern southeastern power prices also said risen due trading inefficiencies enron turned internet based trading platform enrononline higher gas prices prices markets since fallen moves point increased volatility lessened efficiency analysts traders expect enron exit market entirely kyle cooper energy analyst salomon smith barney said traders present wider bid offer spreads order get deals done markets enron provided critical liquidity one less player one less market illiquidity cooper said one time enron accounted quarter trade north american gas power markets copyright 2000 dow jones company inc rights reserved uk enron pioneer europe new power markets stuart penson 11 28 2001 reuters english news service c reuters limited 2001 london nov 28 reuters u group enron brink collapse wednesday pioneer energy dealing europe demise would rob utilities across continent key trading partner european staff 5 000 offices major cities lavish headquarters overlooking london buckingham palace enron created trading culture embraced previously sceptical european utilities markets open competition recently enron accounted 30 percent german wholesale power trading also major player uk gas electricity nordic power driving forward fledgling french power market average around 200 deals day 300 counterparties enron director continental power trading gregor baeumerich told reuters interview last month days group plunged current crisis britain forward gas market rallied wednesday emerged rescue deal smaller rival dynegy unravelled enron looked skating dangerously close bankruptcy enron list trading partners included major utilities german giants e rwe uk innogy british energy u companies trading desk europe txu aep dynegy duke energy also traded enron company enrononline internet trading platform suspended earlier wednesday set standard online trading offering blueprint followed utilities brokers enron 60 percent trade platform group presence europe confined trading company around 4 000 megawatts power generation spanning italy poland greece uk owns one biggest plants teesside company built reputation hard nosed trading expertise europe previously pedestrian utilities industry approach seemed almost evangelical summer flushed confidence company placed bmw sports car lobby london office prize employees successful recruiting fresh talent enron cause copyright 2000 dow jones company inc rights reserved usa wrapup 2 enron near collapse dynegy pulls c bryson hull 11 28 2001 reuters english news service c reuters limited 2001 houston nov 28 reuters enron corp swooned edge one biggest corporate collapses u history wednesday rescue rival dynegy inc blew apart dynegy accused enron breaching representations made takeover agreement negotiated nov 9 invoking escape clause let pull stock deal valued 9 3 billion time shares enron recently ranked 7 fortune 500 list biggest u companies lost value past three weeks three major credit rating agencies slashed ratings enron bonds junk status time dynegy made announcement enron latest disaster marked another low stunning free fall began innocently enough announcement 638 million quarterly loss six weeks ago surprise disclosures including admission overstated earnings almost 600 million since 1997 kept huge debts balance sheet led investors rapidly lose faith company valued almost 80 billion little year ago wednesday market value less 500 million response dynegy announcements credit rating downgrades enron said temporary suspend payments necessary maintain core operations kenneth l lay enron chairman chief executive said company evaluating exploring options protect core energy businesses loss enron investment grade credit rating forces 3 9 billion debts come due immediately major problem company spent 5 5 billion sought recent weeks stay afloat enron said recent regulatory filing unlikely continue going concern credit rating slashed junk status became increasingly clear dynegy sought renegotiate deal enron tricky often indecipherable accounting becoming sticking point sources close negotiations said regrettable see leading industry player difficulties reflect failure merchant energy business dynegy chairman chief executive officer chuck watson said statement dynegy said would exercise option buy enron northern natural gas pipeline 1 5 billion partner chevrontexaco put deal dynegy said stopped trading enron wednesday morning pegging exposure 75 million bad sign came earlier wednesday energy traders said operations stopped enron highly lucrative online trading system enrononline unit accounted 90 percent enron earnings considered jewel trading franchise dynegy coveted planned 9 3 billion stock takeover risk management failures enron touted agile risk manager found credit debt spiraled control series partnerships designed hide debt balance sheet caused investors lose faith recent weeks partnerships included top enron executives subject u securities exchange investigation provided financing exchange guarantees enron stock stay certain levels credit remain investment grade came back onto balance sheet vengeance enron found would meet massive debt obligations shares credit fell enron shares plunged 3 53 85 percent 61 cents wednesday new york stock exchange twice halted trading enron shares announcements affecting company stock fallen 98 percent year stock peaked 90 56 august 2000 riding high cresting wave technology boom enron took trading outfit online promised bring business model broadband communications arena enron entrapped sophisticates said robert stovall senior strategist prudential securities referring almost fawning admiration enron institutional investors think going become classic case stovall nearly 50 years wall street experience said could recall previous corporate unraveling matches enron would go pre sec days said referring creation sec aftermath stock market crash 1929 final cuts standard poor moody investors service fitch cut ratings fallen energy trading giant debt junk status p said lost confidence enron ability complete merger dynegy said bankruptcy distinct possibility merger fails andre meade commerzbank analyst consistently bearish enron deal said core business deteriorated increasing pace recent weeks ratings agencies could find liquidity wanted inside enron numbers enough soothe said meade downgraded enron sell hold wednesday company downgraded junk weeks ago ratings agencies given several weeks hold anymore dynegy nov 9 said would take enron deal valued 10 41 per enron share chevrontexaco corp major dynegy shareholder pledged immediately pump 1 5 billion enron bolster withering finances deal advisers j p morgan chase citigroup already contributed 1 billion deal expected put enron rebuffed private equity firms approached seeking cash representatives dynegy enron haggled new terms takeover late tuesday including buyout offer half original price sources close talks said enron crash began said would take 1 01 billion writedowns charges third quarter earnings failed investments later admitted reduce stockholder equity 1 2 billion extract partnerships ousted chief financial officer andrew fastow managing partner deals fastow earned 30 million management fees subject sec investigation worse yet enron required restate earnings going back four years shaving 600 million process additional reporting brendan intindola carolyn koo joseph silha david sinkman jonathan stempel new york andrew kelly houston copyright 2000 dow jones company inc rights reserved usa us energy regulator says monitoring enron situation 11 28 2001 reuters english news service c reuters limited 2001 washington nov 28 reuters u agency regulates interstate electricity markets said wednesday monitoring enron corp company planned rescue dynegy inc collapsed monitoring situation comment past said spokeswoman federal energy regulatory commission ferc u electricity traders said operations abruptly halted wednesday morning enron online trading system enron online u electricity natural gas traders scaled back deals enron since company financial problems emerged weeks ago enron ranked nation largest trader electricity natural gas experts estimating company involved 20 percent daily trades ferc independent federal agency oversees interstate electricity markets natural gas pipelines hydroelectric dams dynegy said called plan buy enron 9 billion stock citing breaches merger agreement enron copyright 2000 dow jones company inc rights reserved usa dynegy says longer trading enron 11 28 2001 reuters english news service c reuters limited 2001 new york nov 28 reuters energy trader dynegy inc said wednesday exposure rival enron corp 75 million wake failed purchase beleaguered enron houston based dynegy said longer trading company morning also said enron 180 days buy back northern natural gas pipeline 1 5 billion upon deal collapse dynegy exercised option buy pipeline copyright 2000 dow jones company inc rights reserved usa enron seeks preserve value dynegy pullout 11 28 2001 reuters english news service c reuters limited 2001 houston nov 28 reuters enron corp confirmed wednesday rival dynegy inc terminated takeover offer company said taking action preserve value core trading energy units enron said statement temporarily halted payments necessary maintain core operations enron said also reviewing dynegy actions uncertainty past weeks respect merger dramatically lowered market confidence enron trading operations chairman chief executive ken lay said dynegy termination merger ratings agency downgrades evaluating exploring options protect core energy businesses said enron would work retain employees necessary continuing operations trading core energy businesses dynegy accused enron breaching representations made takeover negotiated 9 invoking escape clause let pull deal shares enron plummeted 3 39 82 percent 75 cents afternoon trading new york stock exchange fallen 98 percent year reaching peak 90 56 august 2000 copyright 2000 dow jones company inc rights reserved usa update 1 enrononline trading system shuts 11 28 2001 reuters english news service c reuters limited 2001 new york nov 28 reuters enron corp internet based energy metals trading system shut wednesday shortly leading credit rating agency downgraded company debt junk status energy traders said clear whether enrononline trading system halted deliberately technical problem enron officials immediately available comment watching board suddenly went blank said one northeast natural gas trader activity enrononline halted 11 1600 gmt trader said energy traders said standard poor announcement downgrading enron debt triggered brief spike new york mercantile exchange natural gas futures 2 82 per million btu prices later slipped low 2 70 still 11 cents tuesday spiked enron news people ran cover exposure uncertainty think expecting company file chapter 11 bankruptcy said one midwest gas power trader enron stock halt sent shock power market trading stopped enron guys pulled numbers enrononline another trader houston based energy firm said u natural gas electricity firms steadily scaling back deals enron several weeks fears mounted former energy giant credit standing people balancing risk exposure last weeks another midwest trader said enron far largest u natural gas electricity trader industry analysts estimating involved 20 percent daily trade markets since last month company became target securities exchange commission investigation financial dealings partnerships houston based company market share steadily eroded enrononline recently accounted 60 percent daily trade volume handled enron enron shares briefly halted new york stock exchange morning following credit rating downgrade stock reopened dropped 2 84 1 30 new york stock exchange enron shares closed tuesday 4 14 copyright 2000 dow jones company inc rights reserved usa update 1 key us lawmaker see govt solution enron susan cornwell 11 28 2001 reuters english news service c reuters limited 2001 washington nov 28 reuters chairman u house energy commerce committee said wednesday could see government could come rescue enron corp near collapse rival energy trader dynergy inc pulled deal buy right envision anything government encourage parties discussing merger continue efforts said billy tauzin republican louisiana said government must watch carefully whether troubles houston based enron ranked nation largest trader electricity natural gas implications u energy supplies pricing tauzin noted enron big contributor energy supplies california rocked last winter tenfold jump wholesale electricity prices string black outs bankruptcy state largest utility got watch carefully obviously want another session next year trying deal energy problems california result events occurring right enron tauzin said underlying cause california problems last winter widely seen state badly written electricity deregulation law allow power companies pass higher wholesale electricity costs consumers tauzin said enron decline unfortunate sad story hugely successful enterprise would hope could work simply step every bad market decision every bad financing decision occurs american corporations country work count figure job going make sure policy left breach open consumers going end short overpriced process added enron financial problems steadily unravelled since last month became target securities exchange commission investigation enron partnerships wednesday dynergy said called plan buy enron 9 billion stock deal citing breaches merger agreement company credit ratings downgraded junk status copyright 2000 dow jones company inc rights reserved uk uk power prices rally enron news dims trade 11 28 2001 reuters english news service c reuters limited 2001 london nov 28 reuters british electricity prices rallied wednesday volumes thinned later day traders took stock news u trader enron brink collapse dynegy pulled rescue deal post enron much done people pulled bids said one trader adding enron one largest traders uk electricity market prompt prices firmed combination colder usual weather production problems power stations hit supplies said traders striking jump power block five thursday covering peak time 1500 1900 gmt sold 101 pounds per megawatt hour highest price seen far winter said traders prices half hourly prompt contracts ukpx bourse also high added day ahead baseload sold 26 25 pounds peak 35 pounds high prices boosting forward curve ql 02 baseload went 19 88 pounds summer 02 sold 17 25 pounds winter 02 19 35 pounds copyright 2000 dow jones company inc rights reserved usa nymex natgas tumbles late bearish aga data 11 28 2001 reuters english news service c reuters limited 2001 san francisco nov 28 reuters nymex hub gas midday wednesday enron corp financial troubles tumbled late bearish aga data released afternoon traders said healthy supplies continue confirmed week week aga reports see guy chicago ice coming nose go lower supplies abundant demand one northeast trader said trader said front month nymex prices could fall 2 per mmbtu days ahead widespread sustainable cold weather failed materialize 2 48 p est december 40 6 cents 2 20 per million british thermal units mmbtu aga data released earlier session december expires today rocketed 2 82 standard poor cut energy trading giant enron debt junk status move threw question company ability meet financial obligations enron far largest u gas electricity trader industry analysts estimating involved 20 percent daily trade markets aga storage data released afternoon showed u gas stocks week ended nov 23 rose 12 bcf well reuters survey estimates unchanged 5 bcf withdrawal number year ago slide 146 bcf five year average pull 66 bcf total inventories 3 144 tcf jumped 642 bcf 26 percent last year 391 bcf five year average last week storage stands 95 percent full broke time record high 3 127 tcf hit nov 6 1998 analysts expect gas glut grow coming weeks noting last year 1 tcf drawn inventory record cold november december period eastern stocks unchanged 98 percent capacity 15 percent last year consuming region west storage rose 3 bcf week 46 percent year ago levels inventories producing region gained 13 bcf stood 41 percent 2000 levels national weather service 6 10 day forecast released late tuesday called normal temperatures eastern two thirds nation seasonal seasonal readings expected west chart traders said technical picture remained bearish particularly cash still 70 cents screen said needed december close november low 2 482 signal another leg lower 2 482 december support pegged contract low 2 415 2 14 area 2 00 december resistance seen first 3 00 area 3 15 3 208 gap high four weeks ago 3 44 cash today henry hub swing quotes fell average 43 cents 2 30 cash dealers pinned steep rise cooler weather uncertainty enron future midwest pipes jumped 20 30 cents 2 50 area west gas waha hub west texas around 20 cents higher mid 2 50 swing gas transco new york city gate soared 60 cents 2 72 chicago almost 30 cents higher 2 49 nymex said estimated 33 265 henry hub contracts traded 11 05 est nymex holding abbreviated floor trading sessions following sept 11 attacks world trade center nymex gas open outcry trade run 10 00 2 30 p internet based access session held 3 15 p 9 00 dec 31 copyright 2000 dow jones company inc rights reserved usa citigroup j p morgan enron exposure 11 28 2001 reuters english news service c reuters limited 2001 new york nov 28 reuters collapse troubled energy trader enron corp sale dynegy inc wednesday triggered drop citigroup inc j p morgan chase co inc shares banks lent enron millions dollars citigroup j p morgan acted advisors takeover deal total exposure enron 800 million richard strauss analyst goldman sachs group inc said research note strauss estimated total unsecured loans amounted 270 million citigroup shares 2 30 4 55 percent 48 25 new york stock exchange j p morgan shares 2 37 nearly 6 percent 37 43 tax impact earnings per share enron go completely based citigroup 5 2 billion shares outstanding j p morgan 2 billion shares outstanding would less 0 05 citigroup 0 10 j p morgan strauss said analysts average expect citigroup earn 75 cents share fourth quarter according market research firm thomson financial first call j p morgan expected earn 50 cents share based consensus analyst estimate three debt rating agencies cut enron bond ratings junk status enron shares 2 95 71 3 percent 1 19 trading new york stock exchange one point past year shares traded 84 88 copyright 2000 dow jones company inc rights reserved stockwatch enron 85 pct dynegy walks merger deal 11 28 2001 afx news c 2001 afp extel news ltd new york afx shares enron corp fell 1 00 usd losing 85 pct afternoon trade dynegy inc announced terminated two companies merger agreement fueling concerns enron may file bankruptcy protection dealers said 2 50 pm enron 3 50 usd 85 0 pct 61 cents dynegy 3 74 usd 37 15 djia 102 55 9 770 05 p 500 13 93 1 135 57 statement dynegy cited enron breaches representations warranties covenants agreements merger agreement including material adverse change provision reasons collapse deal earlier standard poor corp moody investors service lowered rating enron long term debt junk status saying enron may well file bankruptcy deal fall move enron seek protection creditors voluntary filing chapter 11 us bankruptcy code distinct possibility merger falls p said enron responding statement collapse deal ratings agencies downgrades said temporarily suspending payments necessary maintain core operations ng pav copyright 2000 dow jones company inc rights reserved enron temporarily suspends payments except needed maintain ops 11 28 2001 afx news c 2001 afp extel news ltd houston afx enron corp said response collapse propsoed merger dynegy inc debt downgrades p moody temporarily suspending payments necessary maintain core operations statement released company shortly dynegy announced pulling tie enron said take actions designed preserve value company core trading energy businesses chairman chief executive officer kenneth lay said company also evaluating exploring options protect core energy operations added work retain employees necessary continuing operations trading core energy businesses rdc kl copyright 2000 dow jones company inc rights reserved calpers may discuss enron action co dec jason leopold jessica berthold 11 28 2001 dow jones energy service copyright c 2001 dow jones dow jones newswires 323 658 3874 jason leopold dowjones com jessica berthold contributed article copyright 2000 dow jones less year ago trading 84 87 dynegy shares 4 08 10 percent 36 81 statement dynegy said enron breached acquisition agreement triggering material adverse clause causing call deal regrettable see leading industry player difficulties reflect failure energy merchant business said dynegy chairman chief executive chuck watson dynegy move came standard poor moody investors service cited loss confidence deal consummated said dynegy willingness go buyout compromised continued erosion investor confidence enron core energy trading business downgrades make 3 9 billion enron debt due immediately 16 billion debt originally due next year could come due earlier statement dynegy also said would exercise right purchase enron northern natural gas pipeline option received chevrontexaco holds 26 percent stake dynegy pumped 1 5 million ailing enron despite dynegy claim pipeline analysts anticipating battle enron assets bankruptcy court going fight dynegy enron creditors howald said spokesmen enron dynegy immediately return repeated calls seeking comment wednesday though dynegy scheduled conference call later afternoon enron dynegy based houston spent last several days trying hammer revision nov 9 merger agreement valued enron stock 10 per share comes response fact able craft deal last night working getting cash banks shepherding merger last night get said g edwards sons analyst mike heim said think bankruptcy far away raymond james analyst jon kyle cartwright predicted dynegy survive battle scars believe misunderstood dramatic credibility crisis recession bear market said speed enron collapsed caught us guard enron last month revealed partnerships run executives allowed company keep half billion debt books allowed executives profit arrangements enron dealings partnerships subject securities exchange commission investigation company ousted top financial officer october several weeks ago restated earnings back 1997 eliminating 580 million reported income net http www enron com http www dynegy com copyright 2000 dow jones conference call scheduled 12 30 cst 1 30 p est 11 28 2001 business wire copyright c 2001 business wire houston business wire nov 28 2001 dynegy inc nyse dyn company exercises right acquire common stock northern natural gas pipeline dynegy energy delivery network core businesses solid industry time prepare market adjusted dynegy inc nyse dyn today reported terminated previously announced merger agreement enron corp nyse ene company cited enron breaches representations warranties covenants agreements merger agreement including material adverse change provision regrettable see leading industry player difficulties reflect failure energy merchant business said dynegy chairman ceo chuck watson dynegy customer based asset backed energy delivery network driver 45 percent compounded annual growth rate past 16 years continue provide us earnings sustainability future growth chevrontexaco owns 26 percent dynegy outstanding common shares contributed 1 5 billion dynegy participant transaction dynegy used 1 5 billion purchase 100 percent preferred stock enron subsidiary northern natural gas pipeline nng dynegy exercised option purchase membership interests entity indirectly owns common stock nng subject satisfaction closing conditions northern natural headquartered omaha nebraska owns operates 16 500 miles interstate natural gas pipeline spanning permian basin texas great lakes historically strong earnings contributor positive addition dynegy energy delivery network said company industry reacted adjusted well potential loss market participant past several weeks said dynegy president chief operating officer steve bergstrom superior systems technology infrastructure people dynegy industry peers ready absorb added volatility energy markets dynegy inc dynegy inc one world premier energy merchants global energy delivery network marketing trading risk management capabilities dynegy provides innovative solutions customers north america united kingdom continental europe conference call simulcast dynegy simulcast conference call related terminated merger agreement live via internet wednesday november 28 2001 12 30 p ct 1 30 p et web cast accessed via www dynegy com click investor relations certain statements included news release intended forward looking statements private securities litigation reform act 1995 statements include assumptions expectations predictions intentions beliefs future events dynegy cautions actual future results may vary materially expressed implied forward looking statements key factors could cause actual results vary dynegy expects include changes commodity prices energy communications products services timing extent deregulation energy markets u europe effectiveness dynegy risk management policies procedures creditworthiness customers counterparties liquidity competitiveness wholesale trading markets energy commodities including impact electronic online trading markets operational factors affecting dynegy power generation dynegy midstream natural gas facilities uncertainties regarding development competition within market communications services u europe uncertainties regarding environmental regulations litigation legal regulatory developments affecting dynegy business general political economic financial market conditions extended period war conflict involving united states europe information risks uncertainties relating forward looking statements found dynegy sec filings available free charge sec web site http www sec gov contact dynegy inc houston analysts margaret nollen arthur shannon katie pipkin 713 507 6466 media john sousa steve stengel 713 767 5800 12 58 est november 28 2001 copyright 2000 dow jones credit ratings cut update 6 2001 11 28 13 09 new york dynegy pull enron purchase credit ratings cut update 6 updates add dynegy comment share price new york nov 28 bloomberg dynegy inc abandoned proposed purchase enron corp said dynegy press statement decision threatens force enron country largest energy trader bankruptcy standard poor corp cut enron credit rating junk bankers failed raise 1 5 billion enron needed operate deal completed lack funds prospect downgrade contributed dynegy decision scrap acquisition valued 23 billion nov 9 enron shares fell much 71 percent 1 20 lowest level least 19 years company 6 4 percent bonds mature 2006 quoted 20 cents dollar 53 yesterday price bonds yield 57 percent reality enron going bankrupt said michael willingham risk manager itochu international inc enron touted king risk management look like managed risk well bankers led j p morgan chase co vice chairman james b lee tried two weeks raise cash enron needed investors including saudi prince alwaleed bin talal blackstone group lp carlyle group inc turned concern enron able pay debts concern heightened enron disclosed previously undisclosed 690 million interest payment due week dynegy said statement distributed business wire terminated agreement enron breached covenants chairman ceo chuck watson said dynegy would invoke right purchase enron northern natural gas pipeline dynegy used investment 1 5 billion chevrontexaco corp owns one quarter dynegy purchase enron unit operates 16 500 miles natural gas pipeline enron spokeswoman karen denne return calls comment trading doubts enron faced cash crunch part trading partners lost confidence company would cash pay bills result either demanded collateral trade restricting trading houston based company enrononline enron corp online trading system stopped allowing trades quit posting bids offers natural gas late morning say traders use web site enron said yesterday enrononline handles 60 percent trading business 2 8 billion day trading average last 30 days log nothing nothing buy nothing sell said juha laiho energy trader finland based fortum oyj houston went time morning 1998 1999 less majority participants plan 2 14 billion assets available benefits could much diversify investments enron like many companies used stock rather cash match employee contributions restricted sales shares could guess year end makeup plan assets end june reflecting sec disclosure standards savings plans time stock drop reached 99 percent today already well way trio lawsuits enron later reported 1 01 billion third quarter charges ousted chief financial officer andrew fastow ran partnerships accounted charges restated results since 1997 became target sec accounting investigation accepted takeover bid dynegy inc biggest rival company shares ended last year 83 13 fell low 1 05 today midday trading halt enron debt downgraded junk bond status dynegy abandoned offer response plunge employees 401 k plan allows workers defer part pay build tax free savings takes name section internal revenue service code filed three lawsuits enron suits allege among things houston based company prevented employees shifting investments within plan oct 17 day disclosure charges nov 19 company made administrative changes three seek class action status behalf plan participants recent filing came gottesdiener law firm based washington monday covers longest time period november 1995 falling percentages enron shares accounted 64 percent savings plan assets end 1994 year period associated gottesdiner suit began figure reflected one time company contribution preferred stock rose 62 percent 1993 preferred share face value 100 convertible 27 304 common shares translates conversion price 3 66 share bargain today trading plan also owned stake enron former oil gas unit became eog resources inc gaining independence 1999 add shares company stock represented two thirds 1994 assets enron common preferred shares fell 60 percent 401 k assets available benefits 1995 58 percent 1996 53 percent 1997 u stock market rallied lifting value participants investments equity mutual funds shares represented 49 percent plan assets 1998 proportion hit bottom 46 percent 1999 assets doubled exceeding 56 percent increase enron share price year 1 62 billion much choice came last year common shares recorded best performance two decades even u stocks stumbled enron rallied 87 percent amid soaring electricity natural gas prices standard poor 500 index market benchmark includes company fell 10 percent company shares plan rose value 652 7 million according sec filing total includes shares bought sold throughout year contrast mutual fund holdings fell 47 million investments rose 134 000 filing said year end 401 k plan owned 13 9 million enron common shares 70 000 preferred shares valued 1 32 billion total encompasses enron matching contributions plan also employees investments money company generally provides 50 percent match stock first 6 percent pay goes plan employees sell shares move proceeds investment choices reach age 50 company contributions accounted 11 percent plan stock holdings said karen denne enron spokeswoman figure suggests employees invested heavily company usual 401 k participants waiting data average u plan account company stock amounted 19 percent assets end last year according study done employee benefit research institute investment company institute published last week case enron approach matching ensures much one third contribution employee account takes form shares sell right away anyone wanted gauge approach enron stock performance affected plan financial position last year wait june 27 filing cited earlier arrived sec employee savings stock purchase plans 401 k plans submit annual reports 180 days fiscal year ends even get 15 day extension deadline need one time enron plan made annual report already bit late act information company shares dropped 44 percent end 2000 date submission filing demonstrated employees looking save retirement set fall enron credit rating cut junk p moody update 4 2001 11 28 14 38 new york enron credit rating cut junk p moody update 4 updates analyst comment third paragraph fitch rating fourth paragraph shares sixth paragraph new york nov 28 bloomberg standard poor moody investors service fitch inc slashed enron corp credit rating junk status rival energy trader dynegy inc rescinded buyout bid company cut could force enron bankruptcy least 3 9 billion debt comes due immediately rating cut company struggles cash crunch suspends online trading unit non core payments enron trading business also faltering trading partners lose faith company ability meet obligations disaster said jon kyle cartwright debt analyst raymond james associates difficult impossible anyone trades enron trading operations light junk ratings across board dynegy walking away deal p reduced enron long term grade six levels b bbb withdrew short term rating moody cut enron credit rating b 2 five levels investment grade baa 3 lowest investment level moody affirmed prime rating enron commercial paper fitch cut enron senior unsecured rating 10 levels cc bbb short term rating second lowest c f 3 fitch said default kind appears probable deterioration saw deterioration trading operations threw merger doubt said p analyst todd shipman author report enron 15 5 billion debt outstanding according bloomberg data shares fallen 99 2 percent far year lost 3 34 cents today trading 77 cents enron stock fallen 50 percent since nov 19 amid growing skepticism dynegy would complete acquisition became lot concerned stock stabilize said john diaz moody managing director energy one authors report drop stock price put pressure dynegy renegotiate deal cash burn shipman said report willingness dynegy complete planned acquisition enron compromised continued drop confidence capital markets transaction would hold credit analysts also focused enron cash burn rate diaz said enron said recent filing last week 1 billion cash lot less market expected diaz said came surprise us others said expected least 2 5 billion would staying power enron expected sell portland utility northwest natural 2001 11 28 15 07 new york enron expected sell portland utility northwest natural portland oregon nov 28 bloomberg enron corp nearly bankrupt energy trader expected go sale portland general electric co unit northwest natural gas co spokesman utility owner said enron last month agreed sell pge northwest natural 2 9 billion cash stock assumed debt dynegy inc today called planned purchase enron saying energy trader breached covenants merger agreement dynegy supported pge sale northwest natural filed application buy pge oregon public utility commission today enron representatives given portland oregon based company indication plan call sale northwest natural spokesman steve sechrist said think transaction completed sechrist said whatever happens enron deal significant benefits customers shareholders company company spokeswoman houston based enron return calls comment pge spokesman scott simms said comment enron planned sale utility northwest natural shares fell 32 cents 24 02 midafternoon trading enron shares fell 2 91 1 20 trading halted dynegy announcement enron shares dropped 99 percent since first year commission role marc hellman administrator responsible mergers acquisitions oregon public utility commission said unsure would happen enron file bankruptcy protection recall ever happening 22 years hellman said went way end liquidating assets sell utility property without commission approval probably issues attorney general office may look hellman said heard nothing indicate northwest natural purchase pge go forward enron getting cash northwest natural purchase well shares hellman said aspect transaction becomes little curious enron going bankruptcy debt downgrades moody investors service today downgraded pge senior secured debt 3 2 moody also downgraded pge unsecured debt junior subordinated debt preferred stock ratings service said expected downgrade pge ratings northwest natural completed acquisition utility however today rating action taken advance expected closing transaction reflect moody concerns surrounding portland general ability remain fully insulated many financial challenges currently faced parent enron corp due large part lost investor confidence enron moody said statement sempra energy interested buying enron assets update 2 2001 11 28 15 39 new york sempra energy interested buying enron assets update 2 adds enron comment sixth paragraph updates shares fourth san diego nov 28 bloomberg sempra energy owner electric natural gas utilities interested buying enron corp assets energy trader planned merger dynegy inc failed sempra spokesman said interested enron hard assets interest would lie assets would synergies operations sempra spokesman doug kline said beyond give specifics dynegy today called purchase enron saying energy trader breached covenants merger agreement dynegy agreed buy enron least 23 billion stock assumed debt month federal investigation accounting irregularities enron limited ability finance operations sent shares plunging sempra shares fell 39 cents 22 66 late trading enron shares fell 3 48 63 cents resumed trading halt dynegy announcement enron shares dropped 99 percent since first year houston based enron ownership interest argentina 4 104 mile natural gas pipeline system largest pipeline system south america sempra energy international owns 43 percent stake two natural gas utility holding companies argentina sempra also owner san diego gas electric southern california gas co utilities looking selling global assets core business continuing asset sale program enron spokeswoman karen denne said going comment discussions status addition interest enron assets sempra discussions enron employees want leave company kline said number enron employees approached us aware approached firms kline said enron office tower project limbo dynegy ends purchase 2001 11 28 15 42 new york enron office tower project limbo dynegy ends purchase houston nov 28 bloomberg enron corp 1 17 million square foot office tower project downtown houston thrown limbo dynegy inc abandoned proposed purchase country largest energy trader 40 story tower 1500 louisiana next enron current headquarters scheduled completed january according hines interests construction manager building first new houston skyscraper since 1987 features floors large 52 00 square feet accommodate enron trading activities circular sky bridge nicknamed saturn ring connects new tower enron existing building parking garage dynegy occupies 700 000 square feet houston thinking bought enron would move operations new tower said penland senior managing director property broker cb richard ellis houston office guess fallen wayside enron shares tumbled 3 42 69 cents late trading investors analysts said company may forced bankruptcy standard poor corp cut enron credit rating junk bankers failed raise 1 5 billion enron needed operate deal completed enron said suspending payments necessary maintain core operations cesar pelli associates designed tower called enron center south clad reflective glass metal panels features sun shades south face according hines building seven story base includes five 52 000 square foot floors top 33 stories 25 000 square feet project announced two years ago enron needed space house growing workforce stock price hit peak 90 share august 2000 project kicked building boom houston three buildings construction would add 2 05 million square feet city office supply according prudential financial largest reliant resources project 100 main street activity combined falling energy prices job cuts compaq computer corp continental airlines inc houston employers may cause city downtown office vacancy rate rise mid teens 2002 8 2 percent end september according james sullivan prudential real estate analyst