HOUSTON, July 18, 2003 — The Enron Employment Related Issues Committee (Employee Committee) has released the following statement from Richard D. Rathvon, committee co-chair, regarding the filing of Enron’s bankruptcy reorganization.
“Enron has stated that it will treat employees, former employees and retirees fairly and with the same rights as other unsecured creditors. The Employee Committee is reviewing the reorganization plan to see if Enron has delivered on that promise.
“In response to the concerns that have been expressed to the Employee Committee, we believe that the reorganization process and ultimate disposition of employee interests and claims must fairly address the issues that affect our constituents, including:
* Continued health care coverage for current employees and retirees;
* Provide severance benefits for employees who were not eligible to participate in the severance agreement the Employee Committee negotiated with Enron last year;
* The fair outcome in relationship to other unsecured creditors of proof of claims filings made by 7,000 current and former employees, and;
* Details regarding the impact of the closure of the cash balance plan, including the impact on the closure to current and former employees.
“The Employee Committee and its attorneys are reviewing the more than 900- page plan to learn how these issues have been addressed. We will report and intend to act on any that are not addressed and resolved in the best interests of the current and former Enron employees and retirees.”
The Employee Committee is an official committee appointed by the United States Trustee charged with representing the collective interests of all current, former and retired Enron employees in Enron’s bankruptcy case. The Employee Committee serves as a strong advocate for the interests of former and current Enron employees during the bankruptcy process. Members of the committee were selected by the trustee and the make-up of the committee was designed to reflect the broad diversity of Enron’s current and former workforce. The Committee is working to provide employees with timely, accurate information on the status of the bankruptcy case.