UBS will not, according to a filing at a US bankruptcy court, pay anything for the business or take on any of the company’s vast debts, but the investment bank will divide a third of the company’s profits between Enron and its creditors.
The deal, agreed by an Enron creditor committee, may still face opposition from other creditors who are angling for more favourable terms.
UBS is expected to buy out any profit sharing rights later. It will employ around 800 of the energy division’s staff.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements