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.
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016