BusinessCompany NewsUBS pays nothing for Enron acquisition

UBS pays nothing for Enron acquisition

UBS Warburg, investment bank, has acquired the main business of collapsed US energy giant Enron without even having to pay a nominal cent.

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.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor