Newsgroup: it.economia.borsa
Titolo: enron news

  Enron Corp. on Tuesday released the long-awaiting details regarding the
sale
of its energy-trading operations to UBS Warburg, saying it will receive
one-third of the profits generated from the business.
  Enron and UBS Warburg (UBS), the investment banking arm of Swiss bank UBS
AG,
over the weekend finalized a deal to revive Enron's trading operations.
Enron
(ENE), a Houston-based energy company, filed for Chapter 11 bankruptcy
protection on Dec. 2, the largest such filing ever.
  Under the plan, UBS will acquire 100% ownership of Enron's trading
business.
In exchange, the Swiss banking company will pay royalties to Enron.
  Enron said the deal is for 10 years but allows UBS Warburg a series of
options
to begin buying out Enron's royalty interest in the third year of the
agreement.
UBS Warburg's calls may be exercised in three steps, each representing
one-third
of the royalty stream, Enron said.
  "This is an extremely positive deal for Enron and its creditors that
confirms
the substantial value of Enron's trading operation," Enron Chief Financial
Officer Jeff McMahon said in a prepared statement. "We believe this is a
first
step among many towards an overall plan of reorganization and planned
emergence
from bankruptcy."
  Enron released the long-awaited details early Tuesday morning following
several delays on Monday.
  Court documents filed Tuesday show that UBS looks to have netted a good
deal
from Enron, paying no cash upfront for Enron's trading software and hardware
and
assuming none of the energy company's liabilities. Even a $25 million
deposit
paid by UBS to bid for Enron's trading assets will be returned to the Swiss
bank.
  Enron will provide UBS "with the information-technology infrastructure and
intellectual property to operate the gas and power business and to use in
the
other businesses of UBS and the UBS affiliates...," according to a court
filing.
  UBS has a right to terminate the deal, seen crucial by Enron to regain
some of
its past luster, if a court hearing to review the deal doesn't take place by
Friday.
  However, Enron spokesman Mark Palmer predicted the plan would be approved
on
time. "Given that the creditors were involved in the negotiations, the
documentation, I expect that (it) will go a long way in court," Mr. Palmer
told
Dow Jones Newswires.
  Some creditors last week objected to Enron's plan to spin off its trading
assets because of concerns about how such a transaction would affect their
contracts with Enron.
  Mr. Palmer said creditors will have time to talk over any concerns with
Enron
representatives between now and Friday's hearing.
  "The objections, as I understand them, are largely about how the cash will
be
divvied up in the estate. I think we'll be able to demonstrate that what is
important is to get cash back into the estate," the Enron spokesman said.
  If the Friday hearing goes through as planned, Bankruptcy Judge Arthur J.
Gonzalez is expected to approve the deal by next Tuesday.
  Court documents show that under the plan, Enron will license its
proprietary
software to UBS "for all purpose on a nonexclusive basis for 20 years, and
for
use in connection with the gas and power business on an exclusive basis for
10
years."
  As expected, UBS will retain some Enron employees, "including the
information-technology and other support personnel to operate the gas and
power
business."
  Enron and UBS are expected to file "within five business days" all
requisite
applications with the the Federal Trade Commission, the Department of
Justice
and relevant foreign entities, court filings show.
  Under the deal, UBS won't be responsible for any existing or future
liabilities under Enron's benefits and retirement plans. UBS won't be
obligated
to contribute or administer any of Enron's benefit plans either, according
to
court documents.
  Enron's trading business accounted for about 90% of the company's $101
billion
in revenue last year.
  - Carol S. Remond, Dow Jones Newswires; 
201-938-2074
;
carol....@dowjones.com
  (Reporters Kathy Chu and Christina Cheddar contributed to this report)
  Copyright (c) 2002 Dow Jones & Company, Inc.
  All Rights Reserved-0- 11:37 EST JANUARY 15, 2002
Jan-15-2002 16:37 GMT

Ely mi daresti una tua opinione in proposito?
Ciao
Giuseppe Di Natale


oltre a quello che ho detto ieri, non ho altre opinioni.
aspetto news
se sono buone rientro
ciao
ely

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