Bankrupt Enron Corporation todaysaid it had reached a tentative agreement with its creditors andhad asked a US Bankruptcy Court in New York for a shortextension to file its reorganization plan. The failed energy conglomerate said it, in a joint motionwith the unsecured creditors committee and the bankruptcyexaminer looking at its North American assets, had asked USBankruptcy Judge Arthur Gonzalez to approve a filing delay untilJuly 11th.
If Mr Gonzalez approves it at a hearing on the original June 30thdeadline, Enron said it would file its Chapter 11 reorganizationplan and bankruptcy disclosure statement on July 11th.
"This very short extension; if granted, will allow us tofinalize an agreement we have reached in principle between theofficial representative of all our creditors," and the EnronNorth America Examiner, interim Chief Executive Mr Stephen Coopersaid in a statement.
Enron has asked for several extensions before, and Mr Gonzalezindicated that any further granting of a delay would be final.
On Wednesday, Enron asked the court to approve its formationof a company, called CrossCountry Energy Corporation, that would holdits interest in three interstate pipelines. The shares of thatcompany would be distributed to creditors after the bankruptcyreorganization plan is filed.
Enron also plans to create a similar holding company,temporarily called InternationalCo, for its international powerand natural gas interests. Its shares would also be distributedto creditors.
Enron still has several orphan assets up for bid, mostnotably Oregon utility Portland General Electric.
Enron collapsed after an unprecedented financial accountingscandal and in December 2001 made what was then the largest USbankruptcy filing in history. It has since been eclipsed by thefailure of telecommunications giant WorldCom.