Enron Seeks Approval to Sell Its Gas Pipelines
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Enron Corp., which owes creditors more than $74 billion, said it would seek federal Bankruptcy Court approval for CCE Holdings to buy its U.S. natural gas pipelines for $2.45 billion.
The joint venture of Southern Union Co. and General Electric Co. was high bidder, Houston-based Enron said. Court approval for the winning bid will be sought Sept. 9.
Enron, which filed for bankruptcy protection in 2001, expects to pay creditors an average of 20 cents on the dollar after acting Chief Executive Stephen F. Cooper finishes selling $12 billion in assets.
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