MoreWhat Matters: Enron and Credit Suisse
Enron Reaches Settlement With Credit Suisse
HOUSTON, June 1 /PRNewswire/ — Enron Creditors Recovery Corp.
announced today that it reached an agreement with Credit Suisse
International and Credit Suisse Securities (USA) LLC (”Credit Suisse”) to
settle the equity transactions adversary proceeding that Enron filed
against Credit Suisse in the Enron bankruptcy case. According to the terms
of the agreement, Credit Suisse will pay Enron $61.5 million in cash.
Credit Suisse in entering into the settlement denies any liability. With
this settlement, all bankruptcy proceedings between Enron and Credit Suisse
are resolved.
Commenting on the settlement, John J. Ray III, Enron’s Board Chairman,
said, “We are pleased with this settlement reached with Credit Suisse and
look forward to successfully resolving the remaining equity transactions
cases.”
Equity transactions cases remain pending against UBS AG and Bear,
Stearns. Enron’s complaint against Credit Suisse includes claims asserting
preferences, fraudulent transfers and/or conveyances, and recovery of
payments pursuant to other applicable federal and state law.
The Credit Suisse settlement remains subject to the approval of the
United States Bankruptcy Court for the Southern District of New York.
Enron is represented in this matter by Venable LLP and Togut, Segal &
Segal LLP.
Enron’s Internet address is http://www.enron.com.
CAUTIONARY STATEMENT: Certain statements contained in this press
release are “forward-looking statements” within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934, as amended. Forward-looking statements include statements
concerning plans, objectives, goals, strategies, future events or
performance, and other statements that are other than statements of
historical facts. Forward-looking statements are based on the opinions and
estimates of management at the time the statements are made and are subject
to certain risks and uncertainties that could cause actual results to
differ materially from those anticipated in the forward-looking statements.
Important factors that could cause actual results to differ materially from
those in the forward-looking statements herein include, but are not limited
to, political developments affecting federal and state regulatory agencies,
and developments with respect to the bankruptcy of Enron. Except as
required by law, Enron does not undertake any obligation to update any
forward-looking statements.
SOURCE Enron Creditors Recovery Corp.
Related links:
# http://www.enron.com