enron mentions houston problem economist 11 03 01 enron gets 1 billion new credit line must pledge top gas pipeline assets wall street journal 11 02 01 enron shares fall debt rating cut new york times 11 02 01 state calpers urged challenge enron finance public employee pension fund holds 3 million shares energy firm whose stock plunged state senator calls action los angeles times 11 02 01 financing offers lure buyers washington post 11 02 01 companies nov 2 2001 companies nov 2 2001 world stock markets wall st buoyed microsoft peace talks financial times nov 2 2001 enron gets 1 billion financial times nov 2 2001 usa wrapup 2 enron lines cash soothe worried wall street reuters english news service 11 02 01 enron corp credit rating cut 1 billion secured chicago tribune 11 02 01 india ongc plans enron oil gas field bid bg deal fails dow jones energy service 11 02 01 enron may sell india dabhol power shr discount lender dow jones international news 11 02 01 buying enron stake dabhol unit help times india 11 02 01 dabhol lenders meet london cancelled business standard 11 02 01 usa critics question andersen handling enron reuters english news service 11 01 01 enron online trading volume sees normal decline thursday dow jones energy service 11 01 01 power supplier enron stock drops another 14 percent associated press newswires 11 01 01 usa update 1 p cuts enron ratings may cut ratings reuters english news service 11 01 01 enron credit rating cut 1 bln loan secured update 9 bloomberg 11 01 01 usa enron u energy trade far skirts credit woes reuters english news service 11 01 01 india press dabhol creditors meeting london called dow jones international news 11 01 01 finance source world reporter tm ft mccarthy troubles enron texan powerhouse energy markets could result new financial crisis last year visitors enron glittering headquarters houston greeted giant banner proclaimed firm world leading energy company annoyed enron smaller energy trading rivals many offices stone throw away houston energy alley much came next new banner declaring enron world leading company recent weeks company engulfed financial crisis banner quietly removed heady mix audacity ambition arrogance revealed banners good guide enron remarkable rise fall forged 1980 merger two troubled gas pipeline firms enron drove development sophisticated spot derivatives markets energy come dominate indeed scale operations dealings many world financial institutions observers see parallels long term capital management ltcm hedge fund failed 1998 seemingly brilliant financial alchemists humbled enron go bust unlikely current nervous climate impossible might crisis ensue troubles california politically crazed power market ill advised foray telecoms bandwidth trading concerns management badly dented enron share price earlier year prompting departure jeffrey skilling firm newish chief executive august kenneth lay avid free marketeer friend george bush visionary chairman firm obliged resume hands control slowed enron decline day day seems sinking deeper financial quagmire largely creation least thanks lack transparency firm credibility markets eroded point talk possible takeover even bankruptcy widespread enron reputation financial wizardry turned asset liability since third quarter results came mid october showing 1 billion write water distribution broadband trading investments worse disclosed passing mr lay conference call analysts firm suffered 1 2 billion reduction capital stemming hedging deal related private equity fund called ljm charge due enron forced sale 55 shares partnership unwound summer almost nobody outside enron aware terms deal ljm structured finance vehicle enron failure offer details risks related partnerships led many fear worst huge balance sheet shares plunged 19 october 30 th alone see chart next page recovering bit next day andrew fastow replaced chief financial officer october 24 th general partner ljm jeffrey mcmahon successor much restore confidence questions abound trusts run arm length mr fastow earn partnership ominously securities exchange commission sec launched formal inquiry moody rating agency last week cut rating company debt barely junk level downgrades might unleash claims balance sheet partnerships known atlantic water marlin water seem big enough bankrupt enron speculation rife obligations might lurk secretly structured vehicles lower credit rating could destroy enron core franchise leading energy middleman scaring away customers freezing wholesale energy markets might nasty consequences markets enron acknowledges large participant derivatives market holding portfolio notional value 21 billion rightly wrongly many traders believe figure vastly understates enron presence firms side enron trades start fear payment coming might curb trading producing knock effect could end subject much conjecture utilities trade energy could hit could commodity derivative operations large commercial investment banks ties notably tight enron j p morgan chase according ventana capital research firm j p morgan provide innumerable separate credit arrangements enron also largest derivative operation bank well large business trading commodities doubt enron side many j p morgan trades says ventana enron fail ventana thinks potential cause major financial crisis worse ways occurred ltcm merely froze debt markets temporarily whereas enron deals building blocks american economy imagine gridlock markets gas timber coal metals fertiliser bandwidth indeed products enron deals yet seems unlikely many big traders happy deal enron week although shorter maturities less complex structures past trading enrononline reportedly strong jim donnell duke energy big energy trader described huge dichotomy collapse confidence enron equity credit markets business usual attitude taken big commodity trading firms considering enron counterparty yet questions enron credit standing spread week began difficulty making markets instruments firms would accept enron name guarantor credit derivative core energy markets big trading counterparties refused enron name intercontinental exchange ice two houses reportedly specified would take enron credit biggest credit exposure appeared banks whose 3 billion back lines enron drawn last week j p morgan arranged additional 1 billion emergency credit line week back widely assumed needed mainly meet margin calls triggered ratings downgrade big fail enron big important allowed fail philip verleger energy economist thinks enron central energy markets could easily replaced enron rivals mostly disagree unsurprisingly even enron worst enemies yet expect firm die current crisis traders seem keen live nobody likes see wholesale trader disappear says one admire enron armies traders ability deals enrononline one internet success stories assuming huge trading volumes indeed generate big profits firm claims enron financial system problems could worsen doubts grow ability meet obligations surface rich assets cash lack transparency leaves uncomfortable room doubt june 2000 economist challenged mr lay reply accusations arrogance high handedness propensity push limits law response revealing show charges baseless pointed another firm unfairly maligned critics drexel burnham lambert investment bank rose obscurity market prominence junk bond boom 1980 drexel accused arrogance groused innovative aggressive drexel bailed michael milken star ended jail drexel collapsed heap bad debts ignominy copyright 2000 dow jones company inc rights reserved enron gets 1 billion new credit line must pledge top gas pipeline assets rebecca smith staff reporter wall street journal 11 02 2001 wall street journal 4 copyright c 2001 dow jones company inc enron corp secured 1 billion new credit lines pledge best gas pipeline assets collateral deal little appease important credit rating agency standard poor ratings group lowered rating enron long term debt one notch triple b triple b plus short term debt single 3 single 2 citing belief enron planned sale assets insufficient restore long term credit quality historic levels moody investors service inc issued debt downgrades earlier week p also lowered ratings debt enron pipeline systems transwestern pipeline co northern natural gas co used collateralize 1 billion bank borrowing j p morgan chase co citigroup inc salomon smith barney unit enron said would use money 364 day credit lines refinance roughly 250 million maturing obligations leaving 750 million boost short term liquidity dropping pipeline credit ratings two notches p noted assets become strategic company part relied upon consistently make money unlike many enron hard asset investments pipelines produced 450 million gas transport revenue 85 million pretax profit third quarter generally rising rates compared revenue 424 million enron foreign assets scraped 19 million earnings contribution todd shipman credit analyst p said concerns enron might take much debt trying prove enough cash hand meet energy trading obligations said p worried recent borrowing think permanent part balance sheet however added amount additional debt take top 13 billion outstanding little none sharp fall stock price enron market capitalization around 10 billion enron spokesman said nonissue company intention borrowing money anytime soon announcing borrowing plan enron new chief financial officer jeff mcmahon said move enhance investor confidence stock market investors reacted otherwise enron stock gave wednesday gain closing 11 99 1 91 14 4 p new york stock exchange composite trading many enron bonds trading two thirds par value bondholders seem comforted either enron defensive posture since announced third quarter loss 618 million two weeks ago followed news also took 1 2 billion equity write based partly transactions involving handful officers company replaced chief financial officer andrew fastow securities exchange commission began inquiry related party transactions enron wednesday disclosed inquiry elevated formal probe copyright 2000 dow jones section c enron shares fall debt rating cut richard oppel jr 11 02 2001 new york times page 11 column 1 c 2001 new york times company dallas nov 1 investors absorbing news formal securities exchange commission investigation downgrading another large credit rating agency shares enron corporation fell 13 7 percent today giving back gains wednesday rally late wednesday enron energy trading giant based houston said e c intensified inquiry company finances making formal investigation carrying subpoena power today standard poor lowered rating enron senior debt one notch leaving notches junk bond status downgrading came similar cut moody investors service monday p left enron review possible downgrading enron credit rating dropped investment grade could force company issue millions shares stock satisfy debts prompt big energy trading concerns curtail business enron p said company financial flexibility continued diminish unable calm investors unsure strength enron core energy marketing business rating agency also said thought enron liquidity position adequate see company current period uncertainty far counterparties maintained trading activity enron morning enron said obtained 1 billion additional financing line credit may help company convince investors trading partners weather crisis industry officials said investors might reacted negatively enron pledge assets two subsidiaries northern natural gas transwestern pipeline secure credit line enron spokeswoman said know interest rates credit lines carried company plans seek even financing deals enron shares fallen half last two weeks e c investigation worries balance sheet debts transactions investment partnerships involving company former chief financial officer andrew fastow ousted last week enron shares fell 1 91 today 11 99 analysts beginning attribute swift recent rally natural gas prices part possibility collapse enron would roil commodity markets enron dominates natural gas electricity trading united states new york today natural gas december delivery fell 0 1 cent 3 29 million british thermal units contract soared 2 70 last two weeks enron troubles became public enron massive exposure buy side sell side gas commodities said jay saunders oil gas analyst deutsche banc alex brown risk financially exposed want cover risk anybody enron counterparty trade might concerned getting paid mr saunders added factors also lifted prices lately including falling rates gas put storage use winter copyright 2000 dow jones metro desk state calpers urged challenge enron finance public employee pension fund holds 3 million shares energy firm whose stock plunged state senator calls action nancy vogel times staff writer 11 02 2001 los angeles times home edition b 8 copyright 2001 times mirror company sacramento state senator encouraged managers california public employee retirement fund challenge perhaps lawsuit management enron corp high flying energy company whose stock plummeted 80 last year california public employee retirement system nation biggest public pension fund owns roughly 3 million shares enron common stock enron shares valued nearly 85 fell 1 91 thursday 11 99 new york stock exchange sen steve peace el cajon urged management calpers deal aggressively houston based company investigated securities exchange commission potential conflict interest former chief financial officer investors begun complaining paucity information released enron financial transactions stock fallen dramatically response thursday major credit agency standard poor lowered ratings enron dealing company another financial blow clear events surrounding enron created serious lack confidence judgment enron management team peace wrote tuesday letter calpers chief executive james e burton therefore incumbent calpers trustee public employees ownership rights founder corporate governance movement improve enron corporate governance increase share value interview peace said calpers consider shareholder lawsuit join shareholders force enron management calpers provides retirement health benefits 1 2 million state local public employees families enron officials respond request comment peace letter calpers officials said considering letter peace clashed repeatedly enron since early 1990 company trying influence utility regulators lawmakers forging plan turn california regulated electricity industry competitive market peace chaired legislative committee crafted deregulation legislation enron wants market consumers limited knowledge want operate business stockholders limited information possible peace said interview natural gas pipeline company enron grown world largest energy trader besides owning enron stock calpers joined firm invest energy development 1993 calpers enron contributed 250 million investment fund guided enron calpers ended partnership 1997 sold position enron earned 125 million 23 return calpers spokesman said teamed 1998 putting 500 million energy industry investments enron tapped 150 million calpers money calpers commitment partnership expired copyright 2000 dow jones company inc rights reserved financial financing offers lure buyers 11 02 2001 washington post final eo 2 copyright 2001 washington post co rights reserved thanks interest free financing general motors ford motor reported sharply higher october auto sales chrysler saw modest rise gm reported sold 546 093 vehicles last month 31 percent increase october 2000 ford sold 400 893 vehicles october 36 percent month year ago sales daimlerchrysler chrysler dodge jeep brand vehicles 5 percent 209 000 units sold gm set time monthly record truck sales sales ford beleaguered explorer suv set october record enron gets loan price enron received 1 billion loan j p morgan chase salomon smith barney pledge natural gas pipelines collateral pledging pipelines signals enron desperation convince shareholders trading partners creditworthy securities exchange commission investigates partnerships run former chief financial officer investors said questions enron dealings partnerships shut commercial paper markets large corporations go find low interest short term debt http www washingtonpost com copyright 2000 dow jones company inc rights reserved companies nov 2 2001 julie earle john labate nothing added enron growth aggressive dominant position trading markets gas electricity houston based company helped create decade long series bold innovative moves enron changed company transformed way us energy companies manage risk trade energy products region region given day enron principal 25 per cent online offline trades energy natural gas markets according analysts estimates ongoing investigation us securities regulators enron accounting disclosure practices enron market value falling half past two weeks many wondering impact enron mounting troubles could trading markets analysts say worst case long term scenarios enron debt downgraded junk status company depletes considerable cash resources energy natural gas markets could hit multiple ways something big enron space saying money would real effects volatility market said todd shipman analyst credit rating agency standard poor competitors want see enron exit trading markets however since provides much liquidity markets fewer expect happen many enron energy rivals including dynegy aquila duke energy also trading partners counterparties enron may closely tied enron fate short term biggest near term threat another change enron credit status week moody investors service downgraded enron two notches junk status reductions moment main worry among rivals trading partners although enron debt remains investment grade levels certainly whenever anybody downgraded junk status counterparties become concerned much credit extend said gerald keenan partner pwc consulting chicago everyone evaluating credit exposure enron companies stopped trading often counterparty choice since makes markets areas lot liquidity enron trading partners believed far changed terms existing contracts enron however enron financial status worsens lack confidence could negative impact energy trading markets existing market hedges multiple firms markets could begin unwind analysts warn could add short term instability energy marketplace unlikely however energy prices would hit since terms would quickly renegotiated stability return trading markets change ownership enron could bring stability trading markets say analysts copyright financial times limited companies nov 2 2001 robert clow sheila mcnulty enron troubled us energy trading group secured dollars lbn credit line jp morgan chase citigroup arm salomon smith barney enron management signalled last weekend expected raise cash supplement dollars 3 3 bn received last week drawing bank lines new loan secured assets enron northern natural gas company transwestern pipeline proceeds pay maturing debt increase short term funds enron declined comment terms conditions deal saying yet closed octoberm 16 enron management announced dollars 1 01 bn charge dollars 1 2 bn reduction shareholders equity result balance sheet private equity transactions set andrew fastow former chief financial officer deals raised questions whether mr fastow acting best interests enron shareholders became basis securities exchange commission investigation credit rating agencies downgrade company debt counterparties might increase collateral require trade enron could squeeze embattled company profit margins still yet clear rating agencies react enron borrowing pipeline assets stable revenues one cornerstones enron rating effort safeguard ratings senior management delegation told rating agencies wednesday going retreating risk taking going explore new markets company said learned expand new markets without making large expenditures www ft com energy copyright financial times limited world stock markets wall st buoyed microsoft peace talks financial times nov 2 2001 mary chung us equities overcameearly hesitancy risedecisively midday investors shrugged grim manufacturing data focused microsoft tentative agreement settle antitrust battle government dow jones industrial average 67 59 9 142 73 p 500 index 8 60 1 068 38 nasdaq composite rose 23 66 1 713 86 investors cheered news us justice department microsoft agreed outline settlement requiring world largest software company give computer manufacturers freedom design windows desktops microsoft rose 4 per cent dollars 60 54 gave boost technology sector shares oracle added 2 per cent dollars 13 79 cisco climbed 1 4 per cent dollars 17 15 sun microsystems gained 4 per cent dollars 10 55 chip stocks broadly higher philadelphia semiconductor index 4 per cent shares intel tacked 2 2 per cent dollars 24 97 advanced micro devices climbed 6 3 per cent dollars 10 46 sector boosted industry report showing third consecutive month smaller declines chip sales stocks flirted negative territory disappointing economic data painting bleak picture us economy national association purchasing management data showing factory activity fell nine year low october data followed report labour department showing number americans requesting unemployment insurance benefits ongoing basis rose highest since may 1983 subodh kumar chief investment strategist cibc world markets said encouraged market ability bounce back negative news even bad news happens initial weakness market bounces back said however woes continued enron embattled energy trading company fell 9 4 per cent dollars 12 59 us securities exchange commission upgraded probe company accounting methods formal investigation united airlines rose 2 per cent dollars 13 spite third quarter loss dollars 1 16 bn eastman kodak rebounded 2 per cent dollars 26 07 seeing heavy losses week amid analyst downgrade cut debt rating moody investor service toronto flat late morning trade midsession tse 300 composite index 8 30 higher 6 894 00 banks bucked weaker trend bank nova scotia jumped 60 cents cdollars 44 45 bank montreal 33 cents higher 34 19 copyright financial times limited nov 2 2001 houston chronicle enron gets 1 billion pledging assets credit downgrade bruise shares laura goldberg copyright 2001 houston chronicle enron corp bid shore investor confidence announcing lined 1 billion credit succeed thursday shares houston largest company closed 1 91 11 99 second rating agency downgraded enron credit ratings action standard poor surprise wall street likely help enron sagging shares enron world largest energy trader said thursday morning reached deal investment banking units citigroup j p morgan chase co 1 billion credit lines backed significant portion enron pipeline assets last week enron tapped 3 3 billion revolving credit line secured collateral banked 1 1 billion using rest pay short term debt obligations investors reacted thursday several pieces news one wednesday night disclosure enron federal securities regulators formally investigating business dealings enron investment partnerships formerly run andrew fastow enron removed last week chief financial officer since enron revealed two financial hits related investment partnerships oct 16 wall street raised expanding number questions financial health investors also saw fact enron new credit asset backed negative tells start using crown jewels security said donald coxe chairman harris investment management harris insight equity fund owns 78 000 shares enron royal family pledge crown scepter get loan private markets tends three days republicans breaking barriers palaces enron spokesman mark palmer said using assets collateral meant enron could get credit negotiated quickly speed said adding enron sought reassure outsiders balance sheet strong available cash support core energy trading business new credit expected finalized shortly 250 million used pay debt obligation mature rest available cash palmer said assets northern natural gas co transwestern pipeline co collateral enron pledged could support another 200 million credit need said adding enron believe needed 1 billion enron transformed pipeline company trader everything electricity paper still 25 000 miles pipelines two assets pledged represent 19 000 miles monday moody investors service downgraded enron long term debt one level rating still two notches commonly called junk bonds thursday standard poor equivalent also downgraded enron short term ratings said reviewing company potential additional downgrades enron credit ratings fall investment grade junk status trigger wave negative consequences including would damage trading business part enron purpose setting new credit help keep investment grade rating report p said downgraded enron believes company plans including asset sales enough warrant credit rating enron expressed concerns enron could face permanent erosion share energy trading market main competitors take advantage weakened state could trouble keeping key personnel carol coale stock analyst prudential securities houston said report thursday enron may need issue 120 million new shares keep rating agencies bay usa wrapup 2 enron lines cash soothe worried wall street jeff franks 11 02 2001 reuters english news service c reuters limited 2001 houston nov 1 reuters enron corp gathering money soothe worried wall street lined 1 billion new credit thursday saw credit rating cut second time week nation largest energy trader struggled restore investor confidence shaken questionable financial transactions shares houston based company whose dealings investigation u securities exchange commission tumbled 1 91 13 7 percent 11 99 market continued two week long pummeling stock issue balance sheet deals limited partnerships run chief financial officer andrew fastow contributed 1 billion charge third quarter earnings 1 2 billion reduction shareholder equity announced oct 16 angry investors say enron fully explained transactions whether faces liabilities company taking tack abundance money available would ease fears financial stability said thursday got 1 billion credit lines j p morgan chase co salomon smith barney inc investment banking arm citigroup inc new credit comes top 3 3 billion lines enron tapped last week came proviso company gas pipeline assets put collateral measure usually reserved firms junk credit ratings allay fears grateful ken lay enron chairman chief executive thanked two wall street institutions support said credit infusion help allay investors fears much appreciate support two long standing banking partners said statement 1 billion cash currently balance sheet additional credit capacity solidify enron standing leading market maker wholesale energy markets good news tempered later day standard poor announcement cut enron credit rating could situation worsens rating agency cut enron corporate credit senior unsecured debt ratings bbb two notches junk status bbb plus subordinated debt rating bbb minus bbb commercial paper rating 3 2 also downgraded ratings several enron share trusts downgrades could make harder enron issue debt run day day business fellow marketers traders demand collateral ratings fall junk investment grade enron could forced issue shares analysts said p said cut ratings questions whether enron taking sufficient action fully restore credit quality company financial flexibility continued diminish crisis investor confidence traced directly company inability calm investors unsure strength enron core energy marketing business viability company plan restore credit profile said full disclosure full frank disclosure discussion business financial issues facing company plans address necessary investors able confidently evaluate merits investing enron securities agency added p nevertheless said enron liquidity position adequate see company current problems enron unlikely see position industry top energy marketer endangered long operated transparently monday moody investors service cut enron long term debt baa 2 also two notches junk warned may cut rating enron prime 2 commercial paper rating enron wall street darling lauded ability create new internet based commodity markets produced soaring profits stock price seemed defy gravity setbacks bandwidth business overseas investments plus problems arising california power crisis hurt wrong image august former chief executive jeff skilling shocked financial world resigning six months job citing personal reasons stock whose year high 84 began sink fell cliff company oct 16 announcement day shares closed 33 84 trying shore credibility enron replaced fastow last week another enron executive jeff mcmahon company said wednesday sec informal inquiry begun oct 22 become formal investigation possibly indicating regulators like seen elected university texas law school dean william powers board directors put charge internal probe deals despite bad news recent weeks enron said thursday core business energy trading going strong enron spokesman eric thode said transactions houston based company widely watched internet enrononline system averaging 3 billion 4 billion day 30 day average 2 5 billion enron far nation largest natural gas electricity trader industry analysts estimating involved 25 percent daily trade markets copyright 2000 dow jones 1 billion secured associated press 11 02 2001 chicago tribune north sports final n 2 copyright 2001 chicago tribune troubled enron corp said thursday secured 1 billion new financing saw credit rating cut second time week watched stock price take another dive enron said got 1 billion credit lines j p morgan chase co salomon smith barney inc put natural gas pipeline assets collateral standard poor cut ratings enron downgrading corporate credit senior unsecured debt ratings bbb two notches junk status earlier week moody investors service downgraded company long term debt enron shares dropped nearly 14 percent 1 91 per share close 11 99 new york stock exchange dropping nine year low tuesday shares nation largest natural gas power marketer rose 25 percent wednesday amid speculation company takeover candidate markets closed wednesday enron announced securities exchange commission opened investigation possible conflicts interest sec apparently looking dealings enron partnerships led former chief financial officer andrew fastow forced last week late wednesday enron said created special committee headed university texas law school dean william powers respond sec investigation powers also elected enron board directors copyright 2000 dow jones company inc rights reserved india ongc plans enron oil gas field bid bg deal fails 11 02 2001 dow jones energy service copyright c 2001 dow jones company inc singapore dow jones india state owned oil 65 415 4066 sri jegarajah dowjones com copyright 2000 dow jones company inc rights reserved enron may sell india dabhol power shr discount lender himendra kumar dow jones newswires 11 02 2001 dow jones international news copyright c 2001 dow jones dow jones newswires 91 11 461 9426 himendra kumar dowjones com copyright 2000 dow jones source world reporter tm mumbai buying enron stake dabhol power company dpc resolution since tariff still unviable analysts say even enron corp preparing sell stake project indian financial institutions lent huge sums project experts say buy would make sense bid enron share 1 3 billion discounted 500 million loan component written least 500 million says convenor enron virodhi andolan pradyumna kaul project continue unviable even buying low cost mr kaul asserts lng fuel energy price still rs 2 per unit given fact oil 25 per barrel ensure unit cost power never less rs 3 20 says moment enron willing sell power rs 3 60 per unit 90 per cent offtake points possible high offtake permitted maharashtra electricity regulatory commission absence demand merc told state eletricity board buy costliest power last low offtake plant grossly unviable expert says apart buying enron stake low cost necessary reduce interest rates indian fis slash customs duty sales tax fuel says demands dpc already placed govermment even plant sold factors hike cost said another alternative use plant peaking load alone used hours day would bring costs anti enron activist abhay mehta said practical terms said player benefit sale enron corp desperately looking sell stake prospect leaves grey areas future judicial inquiry ordered recently democratic front government probe yet get way supreme court case project pending hearing officials admit legally actions continue effective company still field also possible come mutually acceptable settlement enron exits country speed actions say repercussions secondary moot point speedy solution enron issue says official mr mehta says fact chief minister vilasrao deshmukh already agreed extension judicial probe beyond six months found necessary suggests government really serious solving issue rather keep dragging case till chickens come home roost political points scored state government attitude like ostrich ignore problem long enough go away says copyright 2000 dow jones company inc rights reserved dabhol lenders meet london cancelled bureau mumbai 11 02 2001 business standard 2 copyright c business standard meeting lenders enron promoted dabhol power project scheduled november 2 3 london cancelled supposed last meeting lenders november 19 deadline dabhol power company required fire final termination notice sources domestic well global lenders consortium confirmed cancellation meeting gave conflicting reasons domestic lenders maintained meeting postponed solution dabhol problem sight government working solution problem along domestic financial institutions said makes sense meet solution worked said source domestic lenders consortium sharply contested source foreign lenders consortium said industrial development bank india idbi chairman managing director p p vohra icici chief executive officer k v kamath attend meeting last minute engagements resulted cancellation meeting copyright 2000 dow jones company inc rights reserved usa critics question andersen handling enron kevin drawbaugh 11 01 2001 reuters english news service c reuters limited 2001 washington nov 1 reuters andersen top accounting firm done auditor energy giant enron corp alert investors certain partnerships tied company investigated u authorities accounting experts said thursday houston based energy trading group dealt deepening crisis critics auditor andersen said accountants pushed harder clearer disclosure partnerships potential conflicts interest financial risk enron disclosure seemingly inadequate put inadequate attention paid thirdly almost unintelligible said mark cheffers heads massachusetts based accounting consultancy com interview enron whose share price slumped thursday said wednesday investigated securities exchange commission top u financial markets regulator sec spokesman declined comment enron last month ousted chief financial officer andrew fastow instrumental setting managing certain outside partnerships linked sec probe enron ties partnerships disclosed enron reports sec investors andersen based chicago audited reports approved fair complete asked criticisms job firm andersen spokesman patrick dorton said committed quality auditing protecting investor interest knowledgeable parties looking matters going respond speculative commentary enron disclosed march 2001 proxy statement year 2000 paid andersen 25 million auditor fees well 27 million fees various work enron former natural gas pipeline group transformed nation largest energy trader saw stock close thursday near eight year low lost two thirds value since mid october investors began dumping enron shares reports balance sheet transactions involving two limited partnerships run fastow replaced last week another enron executive jeff mcmahon fastow dual role seen heart controversy fastow could balanced duties enron cfo role head partnerships regularly business enron key question sources said partnerships called ljm 2 co investment lp ljm cayman lp set expressly huge volumes highly complex financial transactions wi stow employer transactions disclosed enron investors annual 10 k filings pr 2000 2001 andersen done put disclosures plain english highlight potential possible conflicts risk enron finances said critics enron last month said taking 1 billion charge earnings well cutting shareholder equity 1 2 billion due transactions fastow led entities firm andersen magnitude reputation always aware possibilities able presuppose ifs condition said jay nisberg accounting consultant based ridgefield connecticut enron spokeswoman said andersen knew ljm partnerships made aware transactions partnerships reviewed extent deemed necessary said enron spokeswoman karen denne even investors partnerships accounts tremendously profitable questioned set enron employee fastow head one early investor ljm 2 arkansas teacher retirement system pension fund 8 billion assets zz zz copyright 2000 dow jones company inc rights reserved enron online trading volume sees normal decline thursday 11 01 2001 dow jones energy service copyright c 2001 dow jones 201 938 4604 mark golden dowjones com copyright 2000 dow jones company inc rights reserved power supplier enron stock drops another 14 percent mark babineck associated press writer 11 01 2001 associated press newswires copyright 2001 associated press rights reserved houston ap troubled enron corp said thursday secured 1 billion new financing using natural gas pipeline assets collateral stock price took another dive rising day earlier takeover speculation trading thursday new york stock exchange enron shares fell nearly 14 percent 1 91 share 11 99 dropping nine year low tuesday shares nation largest natural gas power marketer rose 25 percent wednesday amid speculation houston based company takeover candidate stock market closed day enron important supplier power starved california announced securities exchange commission opened formal investigation possible conflicts interest sec apparently looking dealings enron partnerships led former chief financial officer andrew fastow forced last month investors fled questions arrangements referring latest sec news noise merrill lynch analyst donato j eassey said would subdue enron stock price believe timing directional uncertainty new development best cap enron stock price mid teens increasing overall volatility eassey said note thursday late wednesday enron said created special committee headed university texas law school dean william powers respond sec investigation powers also elected enron board directors asked board take action address fully forthrightly investors questions concerns said enron chairman chief executive kenneth l lay also make every appropriate public disclosure course sec investigation however duane grubert analyst sanford c bernstein co new york said enron still much restore investor confidence stock values low got two camps investors guys hate enron guys want cautiously attracted enron grubert said led trading range irrationally low shares oversold something company wants enron stock skidded since company reported 638 million third quarter loss two weeks ago dragged one time charge 1 01 billion attributed various losses losses tied partnerships managed fastow ousted last week earlier week moody investors service downgraded company long term debt warned possible downgrades tuesday shares hit nine year low 11 16 depressed stock price wall street journal reported enron eyed possible takeover target potential buyers include general electric ge capital unit warren buffett berkshire hathaway royal dutch shell journal said net http www enron com ap photo xnyr 310 oct 29 copyright 2000 dow jones company inc rights reserved usa update 1 p cuts enron ratings may cut ratings 11 01 2001 reuters english news service c reuters limited 2001 new york nov 1 reuters standard poor thursday cut ratings embattled energy trader enron corp warned may cut ratings described uncertainties surrounding company possibility may face problems capital markets houston based enron said wednesday probed securities exchange commission downgrades could make tougher enron issue debt run day day business fellow marketers traders demand collateral ratings fall junk investment grade enron could forced issue shares p cut enron corporate credit senior unsecured debt ratings bbb two notches junk status bbb plus subordinated debt rating bbb minus bbb commercial paper rating 3 2 rating agency also downgraded ratings several enron share trusts p warned may cut ratings downgrade commercial paper rating would take rating junk status leading u rating agencies including p generally rate company senior unsecured debt commercial paper either investment grade junk p nevertheless said enron liquidity position adequate see company current problems long enron provides market participants usual liquidity price transparency said unlikely significant long term damage enron franchise premier energy marketer sustained p analyst covers enron immediately available comment monday moody investors service cut enron long term debt baa 2 also two notches junk warned may cut rating enron prime 2 commercial paper rating enron shares closed thursday new york stock exchange 11 99 1 91 13 7 percent fallen 65 percent since oct 16 enron said would take 1 01 billion charges certain investments shares hit nine year low tuesday crisis investor confidence p said enron plan sell assets use means repair damaged balance sheet insufficient restore historical bbb plus ratings crisis investor confidence traced directly company inability calm investors unsure strength enron core energy marketing business viability company plan restore credit profile said full frank disclosure discussion business financial issues facing company plans address necessary investors able confidently evaluate merits investing enron securities p added enron said thursday obtained 1 billion secured credit lines bid help support day day trading operations bolster investor confidence moving aggressively strengthen balance sheet maintain investment grade credit rating said jeffrey mcmahon last week became enron new chief financial officer statement issued thursday copyright 2000 dow jones company inc rights reserved enron credit rating cut 1 bln loan secured update 9 2001 11 01 18 27 new york enron credit rating cut 1 bln loan secured update 9 adds company comment 17 th 19 th paragraphs houston nov 1 bloomberg enron corp largest energy trader received 1 billion loan j p morgan chase co salomon smith barney inc agreeing use company natural gas pipelines collateral enron shares fell 14 percent day u securities exchange commission began formally investigating partnerships run former chief financial officer pledging pipelines signals enron desperation convince shareholders trading partners creditworthy investors said reassuring worrisome said donald coxe manager harris insight equity fund owns 78 000 enron shares secure loan obviously lenders think rely enron financial statements standard poor said u markets closed cut enron long term credit rating bbb second lowest investment grade bbb short term debt rating cut 3 one grade junk status 2 sec investigating partnerships run former cfo andrew fastow bought sold enron shares assets trades cost enron 35 million 1 2 billion lost shareholder equity questions enron dealings partnerships shut commercial paper markets large corporations go find low interest short term debt last friday enron tapped 3 billion credit line pay 2 2 billion commercial paper outstanding proceeds 1 billion secured loan go debt payments supplement cash reserves enron said business enron get 1 billion loan enron pledged assets northern natural gas co transwestern pipeline co gas pipeline systems combined 19 000 miles long deliver much 6 billion cubic feet gas day enron based houston got start natural gas pipeline operator past decade company shed assets pipelines power plants focused trading electricity gas wood pulp commodities enron accounts quarter u power gas trades company still 25 000 miles gas pipeline mortgaging lines maybe good signal said roger hamilton manages john hancock value funds owns 600 000 enron shares shows convince banks anything secured assets shares enron fell 1 91 11 99 earlier dropped 11 70 stock fallen 86 percent year enron 6 4 percent coupon notes due 2006 fell 3 cents today bid 74 cents dollar offered 77 cents traders said last week notes trading near par value credit rating enron must investment grade credit borrow enough settle transactions daily energy companies including exelon corp northeast utilities restricted business enron company sought new sources credit monday moody investors service lowered enron long term credit rating baa 2 baal two notches junk status also placed company p 2 rating commercial paper review possible downgrade standard poor said downgrading enron credit rating today company enough liquidity see current period uncertainty still p said enron financial flexibility continued diminish inability calm investors unsure strength enron core energy marketing business repayment trigger falling investment grade would trigger early repayment terms 3 3 billion bonds held affiliated companies ones created fastow lower credit rating also reduces amount cash enron raise back trading business still two levels triggers go effect enron spokeswoman karen denne said announcement today 1 billion loan latest step orderly plan strengthen balance sheet said denne outlined three steps include credit line draw 3 billion unsecured credit announced last week final step 2 1 billion asset sales company outlined conference call last week enron said expects close 600 million sales year end sales include enron azurix north america water business american water works inc 149 8 million enron puerto rican power plant company ecoelectrica holdings ltd mirant corp enron stake brazilian natural gas distributor cia distribuidora de gas rio de janeiro state owned brazilian oil company petroleo brasileiro sa petrobras latter two transactions valued 250 million enron spokesman mark palmer said p said today think asset sales enron plans enough restore enron credit quality bbb level since 1995 investor confidence financing enhance market investor confidence enron chief financial officer jeffrey mcmahon said statement enron borrow another 200 million bringing banks loan denne said plans point said moving aggressively strengthen balance sheet maintain investment grade credit rating mcmahon said mcmahon head enron industrial markets group named cfo last week fastow ousted attempt restore investor confidence seems know sec investigation going difficult time stock said tara gately energy analyst loomis sayles co sold enron shares early last year j p morgan advising enron sale part azurix salomon smith barney investment banking arm citigroup inc russell hubbard princeton newsroom 609 750 4651 usa enron u energy trade far skirts credit woes joseph silha 11 01 2001 reuters english news service c reuters limited 2001 new york nov 1 reuters enron corp whose shares slumped thursday amid investors concerns credit crunch yet see fear seriously dent dealings giants u gas power markets trading volumes core wholesale businesses remain extremely strong every day week volume enrononline exceeded rolling 30 day average seeing people hesitate business us enron spokesman eric thode said enron far nation largest natural gas electricity trader industry analysts estimating involved 25 percent daily trade markets company recently became target securities exchange commission investigation financial dealings partnerships headed enron former chief financial officer thode said transactions houston based company widely watched internet enrononline system averaging 3 billion 4 billion day 30 day average 2 5 billion business usual enron dominance industry long sore spot competitors many biggest trading partners said business usual despite 80 percent plunge company share price since january drain company capital gone unnoticed prompting increased caution among traders fears company exit north american energy market enron come closer scrutiny changed policy dealing company one time event hurricane mean weather next year bad enron handle problem al butkus vice president utilicorp united said butkus noted enron problems stem company financed purchase assets trading operations charlotte n c based duke energy another large trading partner also curbed business enron credit process counterparties tells us much collateral required could come play problems enron credit seen yet duke energy spokesman terry francisco said traders reliant energy williams cos dynegy el paso corp said continue deal enron closely monitoring situation credit squeeze despite current calm among energy traders analysts cautioned enron shrinking capitalization could still squeeze cash supply hamper ability business questions balance sheet deals two partnerships helped pummel company stock week lowest level since 1992 shrinking market capitalization less 9 billion 60 billion january enron power gas deals unregulated counter otc market one outside company knows trades books enron biggest market maker energy products consistently preached balanced hedged book people may scaling back dealings enron think rely enron risk management practices ed krapels director massachusetts based energy security analysis inc told reuters think end day book balanced enough able weather storm krapels cautioned deterioration enron share price credit standing might force company post larger cash deposits counterparties ultimately restrict trading operations earlier today merrill lynch lowered rating enron stock neutral accumulate enron shares ended 1 91 13 7 percent 11 99 copyright 2000 dow jones company inc rights reserved india press dabhol creditors meeting london called 11 01 2001 dow jones international news copyright c 2001 dow jones dow jones newswires dow jones newswires 91 11 461 9426 himendra kumar dowjones com copyright 2000 dow jones company inc rights reserved