Houston, TX, April 3, 2006 — Bankrupt energy giant Enron Corp. announced its ninth distribution to creditors of Enron Corp. and its affiliated debtor companies (collectively, Enron) totaling $4,676,400,000, consisting of $4,108,400,000 in cash and shares of Portland General Electric Co. (PGE) stock valued at $568,000,000.
Since November 2004, Enron has returned $5,829,600,000 to creditors in twice-yearly distributions, in April and November, as well as in “catch-up” claims paid on an interim basis every two months.
“Today’s distribution is the most significant amount recovered to date and represents a tremendous financial outcome for the Enron estate,” said John Ray, president and chairman of the board. “We are dedicated to continuing the process of resolving the remaining claims, recovering amounts due to creditors from third parties and distributing value.”
The distribution included 27,036,445 shares of PGE, which represents approximately 43% of PGE’s 62,500,000 issued and outstanding shares. The remaining 35,463,555 PGE shares will be held by the disputed claims reserve, which is not affiliated with Enron, for future distribution to creditors of Enron by the Bankruptcy Court in accordance with the Chapter 11 plan. The disputed claims reserve currently consists of $4,688,800,000 in cash and $745,000,000 PGE share value.